WNYChamber responds to shrinking economy

West & North Yorkshire Chamber of Commerce today expresses concern that the UK economy shrank again during October.

Official figures from the Office of National Statistics showed a 0.1 per cent drop, despite expectations that the economy would return to growth after a decline in September.

Mark Casci, head of policy and representation at the Chamber, said: “Two months of negative growth shows that the nation’s finances are on shakier ground than we would like.

“Chamber research is showing business confidence is fragile owing to Government policies around tax and employment law.

“Our network has been telling us now for several weeks that investment and recruitment plans are being shrunk or put on hold in the face of increased overheads and tax is continually cited as the chief cost pressure facing businesses.

“We will now look the publication of the new industrial strategy as a means of kick-starting growth so that firms have the confidence to invest and innovate.”