Responding to the latest GDP data published by the Office for National Statistics today, David Bharier, Head of Research at the British Chambers of Commerce said:

“Today’s preliminary GDP data for Q3 at 0.1% suggests economic growth has lost some momentum in the second half of 2024.

“Our latest research has shown business confidence falling back amid a spike in anxiety over tax and employment policy. Meanwhile geopolitical uncertainty continues to make international trading conditions challenging.

“Last month’s Budget gave UK businesses some welcome indication of the Government’s long-term framework to boost growth. However, our early feedback from businesses suggest many will not be able to stomach the raft of new costs.

“SMEs now face making tough decisions to deal with the increase in National Insurance Contributions, the rise in the National Living Wage and the impact of the Employment Rights Bill.

“Sustained economic growth can only come through business. That’s why it’s crucial that we see decisive and inclusive action at pace from the Government to unlock investment. A lot is riding on the detail of the industrial and trade strategies in the months ahead.”

Growth Slows As Businesses Face Mounting Costs

The latest GDP data has been published this morning by the Office for National Statistics. The economy grew by 0.1% between July and September, lower than many analysts had expected.

Simon Cox, Head of Policy at the Northamptonshire Chamber of Commerce added “Currently we are inviting local businesses and employers to engage with the Quarterly Economic Survey to help gauge a better understanding of what’s happening at a more local level.”

“In the first week of the Quarter 4 survey currently open for completion, we’ve seen a positive response to the survey and we will analyse the final results and announce these in early January.”

To complete the survey, please visit https://www.surveymonkey.com/r/QES-Q4-24