Businesses help drive the UK away from recession

May 13, 2024

Reacting to the latest GDP figures, David Bharier, Head of Research at the British Chambers of Commerce, said:

“Today’s Q1 GDP first estimate of 0.6%, outstripping expectations, is a welcome sign that the UK has moved away from last year’s shallow recession. Businesses across the UK have been the driving force behind the recovery.

“Firms have shown resilience in the face of multiple headwinds and this estimate should give business and investor confidence a boost.

“However, significant challenges remain. The UK has seen waves of economic and political uncertainty in recent years, from inflation to skills shortages and trade barriers with the EU, which have weighed down on its growth potential. Our latest surveys show that most SMEs are still not increasing investment.

“With signals from the Bank that their next move will be an interest rate cut, it is now essential that policymakers show businesses a clear plan for growth to unlock their economic potential.”