Growth Returns in Pre-Budget Period

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:

“Better than expected GDP data suggests the impact of pre-Budget jitters among businesses may have been less than predicted. Firms will welcome confirmation that the economy bounced back to growth of 0.3% in November itself, with the more reliable three-month average showing more modest growth of 0.1%.

“The reality of the Chancellor’s statement, when it came, was no significant new taxes for firms, but a lack of game changing measures to properly kickstart the economy. Firms are telling us they’re still cautious about investing and recruiting, meaning growth will stay limited for the foreseeable.

“Our latest economic forecast suggests a challenging year ahead for businesses, with a projected expansion in GDP of just 1.2%. Businesses are ambitious to drive forward better growth, but they need help.

“2026 must be a year of delivery on growth, with government and business working in partnership. That means action from policymakers on igniting investment, powering productivity and transforming trade.”