Responding to the latest GDP data, published by the Office for National Statistics this morning, Stuart Morrison, Research Manager at the British Chambers of Commerce said:
“Faced with global headwinds from the Iran conflict, the UK economy showed welcome resilience in Q2, growing by 0.4%, according to today’s first estimate.
“The service sector performed particularly robustly, alongside a welcome return to growth in construction.
“But the headline figures shouldn’t disguise the cocktail of cost pressures choking long-term business growth.
“This is not a new problem. Our analysis shows domestic policy-driven costs for a typical SME have risen by more than 70% over the past decade.
“The Autumn Budget must be a game changer for stronger, sustainable growth. We need measures that boost trade, investment and productivity. In short, the Chancellor must back business, cut costs and deliver growth.”
Read the full ONS data here