The UK economy saw zero growth in July, according to the latest official figures from the Office for National Statistics (ONS).
However, over the three months to the end of July, the economy grew by 0.2% compared with the previous three months.
Stuart Morrison, Research Manager at the British Chambers of Commerce, said: “Today’s data shows the UK economy had a subdued summer, with limited growth in the three months to July, and 0% in the month alone.
“The business landscape remains challenging, particularly for SMEs, with cost pressures impacting investment, recruitment and trade. While our latest economic forecast suggests growth of 1.3% this year, that’s largely down to stronger-than-expected activity in Q1, before the impact of national insurance and tariffs.
“Inflation is proving stubborn, meaning for businesses struggling with the cost of borrowing, the pace of further interest rate cuts is likely to be slower than expected.
“The Government has acknowledged it has asked a lot of business in the past year. Our message is now clear – there must be no more taxes on business in the Autumn Budget.
“The Chancellor must focus on unlocking growth and productivity through business. Our recent Blueprint for Growth contains practical ideas to get businesses investing, recruiting and trading.”
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