This is according to Coventry and Warwickshire Chamber of Commerce in reaction to the latest GDP data released by the ONS this morning which shows that the UK experienced moderate growth in the final months of 2024.
Corin Crane, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “Confirmation that the economy experienced slight growth in Q4 is better than a contraction, and will provide businesses with some small relief. However, businesses are still facing challenging times which demonstrates that there is a huge amount of work to do to get back to stronger and achieve more sustained growth.
“Research from the British Chambers of Commerce shows that the Autumn budget created a range of significant cost pressures for businesses, with changes to National Insurance and minimum wage rises leaving businesses having to make some difficult choices. Changes to the employment rights legislation in the coming months will also add more costs and concerns for businesses.
“The government needs to take steps to boost business investment which will be fundamental for the UK to achieve stronger growth in the long term.”