Responding to the latest GDP data, published this morning by the Office for National Statistics, Stuart Morrison, Research Manager at the British Chambers of Commerce said:
“Ahead of the budget, growth of 0.7% in the three months to August is welcome and a positive indicator of business resilience, despite challenging economic conditions.
“This expansion was driven entirely by services, led by professional, scientific and technical activities, and information and communication, while production and construction both fell. Computer programming and consultancy has been the largest single industry contributor to three-month growth for six months in a row.
“But growth in August remained lukewarm with just 0.1% added, and it is clear many sectors are still struggling to make headway amidst global headwinds. Firms are facing significant pressures from the cost of doing business, as the Middle East conflict continues to ratchet up energy prices.
“The Chancellor’s Budget, in less than two weeks, provides a crucial opportunity to give businesses the breathing space they need to invest, recruit and trade.
“We want to see three immediate steps, including a cut in employer National Insurance contributions for under-25s, action on energy bills and business rates, and better, more consistent export support.
“Businesses across the UK want to grow faster, but they need the right conditions to do it. Reducing the cost burden will help rebuild confidence, unlock investment and create jobs.
“As the Chancellor weighs up the difficult choices ahead, the message from our Chamber Network is clear: Back Business, Cut Costs and Deliver Growth.”
More detail on the ONS data can be found here.