Growth Problem remains as the Year Ends

December 15, 2023

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

“Today’s data from the ONS showing 0.0% GDP growth for the three months to October, as well as a 0.3% fall in the month, confirms the low-to-no growth cycle the UK economy is in. 

 

“As we end the year, the outlook remains challenging. Our Quarterly Economic Forecast, published last week, expects growth below 1.0% each year for the next three years.   

 

“The UK economy remains one of the most advanced in the world, but it’s difficult to see where further growth will come from, as inflation, interest rates, policy churn, and trade barriers with the European Union prevent many firms from making long-term investment plans. 

 

“The Autumn Statement contained some solid announcements for businesses around full expensing, the planning system, and the grid, but this needs to be underpinned by a long-term plan for investment.”