Resilient Summer but Business Warning Lights Remain

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:

“Growth of 0.4% in the three months to July shows a more resilient economy than expected in the summer months.

“The service sector continued to perform the strongest, particularly boosted by growth in computer programming, including AI and related technologies. However, the data shows a concerning 0.5% fall in both construction and production output.

“While today’s headline growth data is welcome news, the warning lights of cost pressures and global uncertainty are still flashing for many of the businesses we represent.

“Our Budget submission published earlier this week is clear about the immediate steps we’re recommending to help all businesses across the UK. We need to see a cut in employer NICs for all under 25s, cost relief on energy bills and business rates, and a fully resourced export support system.

“The Chancellor is facing some difficult choices in the coming weeks as he prepares plans to further kickstart the economy. Our message is simple, we’re calling on him to ‘Back Business, Cut Costs and Deliver Growth.”

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