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Economic growth remains fragile

The economy grew by 0.3% in November according to figures from the Office for National Statistics.

The services sector led a rebound, with Black Friday sales boosting retailers but there remained little growth over the past year.

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 1.0% 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.”

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