In response to the most recent GDP figures released this morning, Babs Murphy, Chief Executive of the North & Western Lancashire Chamber of Commerce expressed concern about the stagnant state of the UK economy. Despite a modest GDP growth of 0.2% in the three months leading up to February, and 0.1% on a monthly basis, there are few indicators of significant improvement in the near future. Bharier suggested that while the technical recession might have ended at the close of last year, the economy is still struggling to gain momentum.
The Chamber has emphasized the importance of increasing business investment in order to stimulate stronger economic growth. Although business confidence remains high, the latest Quarterly Economic Survey revealed that most small and medium-sized enterprises are not expanding their investment.
With businesses facing challenges such as high inflation and interest rates, skills shortages, and increased trade barriers with the EU, the Chamber is calling for a comprehensive long-term economic strategy that promotes investment and innovation.
