Chamber calls for an economic plan for growth

West & North Yorkshire Chamber of Commerce today calls for a long-term economic plan to be unveiled by Government after statistics from the Office for National Statistics confirmed Britain entered recession at the end of last year.

ONS figures show that the UK economy contracted by 0.3 per cent during the final quarter of 2023, meaning Britain has entered a technical recession.

Responding, Mark Casci, head of policy and representation at the Chamber, said: “The news that the UK has entered recession will come as little surprise for many of our members.

“Our latest Quarterly Economic Survey revealed a series of downbeat sentiments around profitability and little appetite for investment.

“Next month’s Budget now needs to ditch any gimmicks and be laser-focused on delivering economic growth. A long-term plan for Britain’s economy is long overdue and businesses need a pathway to develop the confidence to begin investing and growing.”

Alex Veitch, Director of Policy and Insight at the British Chambers of Commerce, said: “A contraction in GDP for the final quarter of 2023 means the UK economy is in technical recession. Businesses were already under no illusion about the difficulties they face, and this news will no doubt ring alarm bells for Government.

“The BCC’s last Quarterly Economic Forecast suggests annual growth below 1.0% for the next two years as firms remained gripped by uncertainty and the twin perils of high inflation and interest rates remain.

“The Chancellor must use his Budget in just under three weeks’ time to set out a clear pathway for firms and the economy to grow.

“Businesses are crying out for a long-term economic plan that reduces the cost pressures they are facing and unlocks the investment they so sorely need.”