East Midlands Chamber has given its reaction to new figures showing the economy grew by 0.2% in the three months until August.
The new estimated figures from the Office for National Statistics follow two consecutive months where there was no change in GDP.
Director of Policy and Insight Richard Blackmore said: “While it’s encouraging to see GDP growth after two flatlined months, it’s early days. The stall we experienced in the figures published in summer really underlines that, while our Quarterly Economic Survey has shown a mixed picture in the East Midlands. On the plus side, six out ten respondents expected turnover to improve over the next year and half expected profitability to improve – a finding that’s lifted over the last four quarters, while businesses continue to hire staff. That said, on the flip side the data revealed a drop in investment into machinery and training.
“Business now needs to see action and delivery from the new government to ensure East Midlands businesses have the support they need to enable them to thrive and unlock barriers to growth. In their manifesto, we heard the government’s plan to reform business rates and planning with the building of 1.5 million homes in the UK. This now needs to translate to action.
“The Autumn Statement is just weeks away and the business community needs to know it wasn’t hearing empty promises. We’ve laid out six asks for the East Midlands in our Budget Submission to the UK Government covering areas like investment into skills, Green Growth, transport and infrastructure. On 30th October we need to hear a solid plan that prioritises the asks outlined in our Budget Submission, to support economic growth in the East Midlands and boost trade.”
Summary of East Midlands Chamber’s six key requests for the government:
- Skills Investment and Apprenticeship Levy Flexibility
- Support for the Planning Skills Fund
- Investment in Transport and Infrastructure
- Reform of Business Rates and VAT Registration Threshold
- Strengthened Trade Strategy and Export Finance
- Investment in Green Growth
To see East Midlands Chamber’s Budget Submission to the UK Government in full, click here.
To see the East Midlands Chamber’s Quarterly Economic Survey for Q3 2024, click here.
