Positive Picture on Growth Continues

15th August 2024

Stuart Morrison, Research Manager at the British Chambers of Commerce, responds to the latest GDP figures published by the ONS

Responding to the latest GDP figures published by the ONS, Stuart Morrison, Research Manager at the British Chambers of Commerce said:

“The UK economy got off to a good start this year, and the provisional data for Q2 shows that positive story is continuing. It’s clear that a strong performance in the services sector powered growth in the quarter.  

 

“Our research shows business confidence has improved in recent months and last year’s shallow recession appears fully in the rear-view mirror. However, without a boost in both business investment and export levels, future growth is likely to be restricted. 

 

Our latest economic survey shows the majority of firms (75%) are still struggling to boost investment. This month’s interest rate cut should give companies some welcome breathing space, but further stimulus is needed. For example, an industrial strategy that gives businesses greater certainty on the direction of travel and places green innovation at its core. 

 

“For many of our Chamber members who export, the picture remains challenging. The new government has made a good start but more needs to be done to improve the trading outlook, particularly with our closest neighbour the European Union.”