ECONOMY REMAINS ON SHAKY GROUND

July 17, 2023

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

“Today’s GDP figure showing 0% growth in the three months to May provides further evidence of the precarious state of the UK economy. While businesses have been incredibly resilient in stomaching multiple waves of economic crises, our latest Quarterly Economic Survey shows that most firms are still not reporting improved business conditions.

“Positively, slightly fewer businesses report inflationary pressures, but interest rates have grown as a concern for businesses. We are starting to see more businesses report rising borrowing costs, but we are yet to understand the full impact of rising interest rates.

“Businesses are operating in a climate with a high degree of uncertainty and government and Bank of England policy both need to be very responsive to developments.”

Read the full ONS GDP report here.