East Midlands Chamber has said zero growth in GDP underlines the need for supportive measures to ease the pressure on businesses.
The latest data from the Office for National Statistics showed 0% growth in January, down from growth of 0.1% in December.
East Midlands Chamber Director of Policy and Insight Richard Blackmore said: “Flatlined GDP will not help lift the confidence of business approaching a new financial year but having to grapple with a ton of challenges like high costs from business rates and corporate taxation. Add to that uncertainty around the impact on inflation or fuel costs from the Middle East conflict and bleak forecasts from the Office for Budget Responsibility that unemployment – already 6% in the East Midlands – could rise nationally before coming down, you get a picture of the scale of pressure faced by business.
“To thrive, business needs support from Government and policymakers. The Chamber’s Framework for Growth outlines specific actions that would unlock the full potential of the East Midlands, like addressing the skills gap head-on with investment, making apprenticeships and training easier for firms to access; reforming the whole planning process so it moves at speed; upgrading infrastructure and prioritising devolution.”
To view East Midlands Chamber’s Framework for Growth click here.
