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UK economy stuck on a low-growth treadmill

The latest figures from the Office for National Statistics revealed the UK economy grew by 0.1% in February, boosted by production and manufacturing in areas such as the car industry.

But David Bharier, Head of Research at the British Chambers of Commerce, warned: “This data confirms once again that the UK economy is stuck on a low-growth treadmill.

“With GDP growth of 0.2% in the three months to February and 0.1% on a monthly basis, there is little sign of the landscape changing soon. However, it may indicate that the technical recession ended at the end of last year.

“Boosting business investment is fundamental to securing stronger economic growth. While business confidence remains buoyant, our latest Quarterly Economic Survey published yesterday showed continued tough business conditions with most SMEs not increasing their investment.

“Firms are still facing significant cost pressures from historically high inflation and interest rates, skills shortages, and even more trade barriers with EU. Businesses desperately need a long-term economic plan that drives investment and innovation.”

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