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Rocky path ahead in search for sustained growth

The UK economy grew by 0.2% in January, following a 0.1% dip in December, according to the latest figures from the Office for National Statistics (ONS).

The figures were boosted by sales in shops and online and more construction activity.

David Bharier, Head of Research at the British Chambers of Commerce, said: “Today’s data, showing an estimated 0.1% decline in GDP in the three months to January is further evidence that the UK economy remains in a precarious state.

“However, estimated growth of 0.2% in January may indicate the 2023 technical recession could soon be over.

“Businesses are clear about the factors that are holding back growth – high inflation, high interest rates, skills shortages, a lack of infrastructure investment, and trade barriers with the EU.

“Our most recent economic forecast expects GDP growth to be below 1% over the next two years.

“Last week’s Budget saw some positive measures for businesses, including an increase to the VAT registration threshold. However, the statement was not a game changer and the UK stills lacks a clear industrial strategy to unlock long-term growth.”

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