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UK growth better than expected

UK growth better than expected

Responding to the latest GDP figures published by the ONS this morning, David Bharier, head of research at the British Chambers of Commerce, said:

“The UK has started the year strongly, with today’s data showing GDP growth of 0.9% in the three months to May, better than expected. Growth in May itself also rose to 0.4%, with the services sector doing well. This is further evidence that the economic shocks of the past five years are easing as businesses return to a growth footing.

Our latest economic researchpublished earlier this week, showed that business confidence has improved. However, that positive sentiment has not yet translated into more investment for most SMEs. The BCC’s latest quarterly economic forecast expects GDP growth of 0.8% for the whole of 2024.

“It is important that the new government capitalises on this momentum, and it was encouraging to hear the Chancellor of the Exchequer focus on boosting growth in her maiden speech on Monday. This is a key priority for businesses, especially after five years of economic shocks.

“We have been clear about where the government should focus to unlock investment. Our future of the economy The report calls for an industrial strategy with green innovation at its core, better skills planning, reform of business tariffs, improving our trading relationship with the EU and helping SMEs to harness the potential of AI.”