GDP monthly estimate, UK:
August 2024
Chancellor of the Exchequer, said:
“It's welcome news that growth has returned to the
economy. Growing the economy is the number one priority of this
Government so we can fix the NHS, rebuild Britain, and make
working people better off.
“While change will not happen overnight, we are not wasting any
time on delivering on the promise of change. Next week hundreds
of the world's biggest businesses will come to Britain as the we
deliver on our promise to bring investment, growth, and jobs back
to every part of the country.”
, Lead Economist, CBI, said:
“There are some encouraging signs in the latest GDP data,
particularly the ongoing recovery in retail, but growth remains
uneven across sectors and momentum in the economy is a little
weaker than was expected a few months ago. Our surveys suggest
that businesses may have tapped the brakes again in September
amid speculation over potential Budget announcements.
“Anecdotally it's clear that some firms have paused hiring and
investment decisions pending more clarity over the direction of
the new government's economic policies. With the Chancellor's
first Budget only weeks away, the government has an opportunity
to build momentum behind the economic recovery by demonstrating
it has a credible plan for boosting the country's growth
trajectory.
“This should include measures to support productivity and
business investment, such as adding flexibility to Apprenticeship
Levy funded courses and outlining an ambitious Net Zero
Investment Plan that includes green tax incentives. It must also
make the UK's business environment more attractive to firms at
home and abroad by providing them with certainty and clarity via
a Business Tax Roadmap.”
