Growth Tentative as Uncertainty Remains
11 Oct 2024
Published in: British Chambers of Commerce News
The British Chambers of Commerce responds to the latest ONS data on GDP.
Responding to the latest ONS data on GDP, David Bharier, Head of Research at the BCC, said:
“With GDP rising 0.2% in the three months to August, as well as in the month itself, growth lifted at the end of summer after flatlining in the previous months. Services continued their expansion, while both construction and production bounced back after a poor July.
“While signs of growth are to be welcomed, uncertainty has mounted among businesses. Our most recent Quarterly Economic Survey has shown that following a strong start to the year, business confidence has stalled amid growing anxiety about business taxation.
“The upcoming budget will be a critical moment. Businesses understand the fiscal backdrop the Government is facing and the need to address public finances, but that must not be at the expense of investment and growth.”
Gemma Edwards, Policy & Impact Officer at the Black Country Chamber of Commerce, commented:
“The growth in GDP, while small, is to be cautiously welcomed. The increase in both construction and services are encouraging signs of recovery.
"However, the Budget at the end of October will be crucial to whether or not these small shoots can continue to grow. Concerns about possible taxation changes remain very real, and the impact of these will be seen over the next year.”
More detail on the ONS data can be found here.
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