GDP Figures Underline Need For Bold Autumn Statement

10th November 2023

Alex Veitch Director of Policy and Insights at the British Chambers of Commerce, responds to the latest GDP data from the ONS

Responding to the latest GDP data from the ONS, Alex Veitch Director of Policy and Insights at the British Chambers of Commerce, said:

“Today's preliminary estimate, showing GDP failed to grow in Q3, provides further evidence of the difficulties the UK economy faces. Weak growth in construction offset a fall in services output, while production remained flat. However, the outlook across all sectors remains uncertain.  

“Our research is clear about the issues businesses are up against. After three years of economic shocks, firms are now having to deal with high inflation and interest rates. They also face persistent skills shortages and trade barriers with the European Union. Consequently, most SMEs report no increase in their investment plans.  

“Businesses need to see a clear path ahead for growth from Government. Next week’s Autumn Statement must set out a strategic vision and framework to boost investment. We are calling on the Chancellor to be bold and focus on key issues that impact business, including planning, full expensing, the energy grid, business rates and occupational health.”