The UK’s economy failed to grow between July to September compared to the previous three months, according to the Office for National Statistics (ONS).
The ONS said that the latest growth figures showed a subdued picture across all sectors of the economy.
The services sector saw a small decline over the three-month period, while the manufacturing sector saw slight growth.
Alex Veitch, Director of Policy and Insights at the British Chambers of Commerce, said: “Today’s preliminary estimate, showing GDP failed to grow in Q3, provides further evidence of the difficulties the UK economy faces. Weak growth in construction offset a fall in services output, while production remained flat. However, the outlook across all sectors remains uncertain.
“Our research is clear about the issues businesses are up against. After three years of economic shocks, firms are now having to deal with high inflation and interest rates. They also face persistent skills shortages and trade barriers with the European Union. Consequently, most SMEs report no increase in their investment plans.
“Businesses need to see a clear path ahead for growth from Government. Next week’s Autumn Statement must set out a strategic vision and framework to boost investment. We are calling on the Chancellor to be bold and focus on key issues that impact business, including planning, full expensing, the energy grid, business rates and occupational health.”
Join Somerset Chamber of Commerce to give your business a stronger voice both locally, regionally and nationally. Combined with local town chambers, we represent over 2,000 businesses across Somerset with a direct line to policy-makers at all levels.
