The news that the UK economy grew in November but fell in the three months prior is an indication of just how volatile the climate is, West & North Yorkshire Chamber of Commerce has said.
Data from the Office for National Statistics showed that GDP grew by 0.3 per cent in November but declined by 0.2 per cent in the three months to then.
The Chamber’s Head of Policy, Mark Casci, said: “Data in our latest Quarterly Economic Survey and in other forecasts shows that we all need to get used to uncertainty.
“Geopolitical uncertainty, inflation and interest rates continue to pose problems for businesses and place a constraint on growth.
“Our economy desperately needs a pathway to stability so that our firms have the confidence to invest and grow without hindrance.”
Alex Veitch, Director of Policy and Insight at the British Chambers of Commerce, said:
“Today’s ONS data, showing GDP grew 0.3% in November, but fell 0.2% in the three months to then, indicates how fragile UK economic growth is right now.
“It’s likely the economy will be stuck in the slow lane for the foreseeable future. Our latest Quarterly Economic Forecast expects growth below one per cent for the next two years.
“The Chancellor’s decision to make full expensing permanent was welcome, but more needs to be done to help businesses invest and drive economic growth. Despite the headline rate of inflation easing, firms are continuing to battle with high interest rates, recruitment difficulties, and tough international trading conditions.
“Businesses are crying out for a long-term economic plan that prioritises growth. In the upcoming budget, and the election campaign to come, that must be the priority for all politicians.”