UK Economy Stuck On a Low-Growth Treadmill

12 Apr 2024

Published in: British Chambers of Commerce News

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Responding to the latest GDP figures published this morning, David Bharier Head of Research at the British Chambers of Commerce said:

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“Today’s data confirms once again that the UK economy is stuck on a low-growth treadmill. With GDP growth of 0.2% in the three months to February, and 0.1% on a monthly basis - there’s little sign of the landscape changing soon. However, it may indicate that the technical recession ended at the end of last year.

“Boosting business investment is fundamental to securing stronger economic growth. While business confidence remains buoyant, our latest Quarterly Economic Survey published yesterday showed continued tough business conditions with most SMEs not increasing their investment.

“Firms are still facing significant cost pressures from historically high inflation and interest rates, skills shortages, and even more trade barriers with EU. Businesses desperately need a long-term economic plan that drives investment and innovation.”

Gemma Edwards, Policy and Impact Officer at Black Country Chamber of Commerce added: 

"Today’s GDP figures come as no surprise to anyone who has been watching the Quarterly Economic Survey, which showed that a difficult business environment is hampering many firms at the moment.

"The economy continues to run sluggishly at the moment – though there is some positivity in the figures indicating that a technical recession may be over."