Following figures published by the Office for National Statistics showed GDP grew less than economists anticipated at 0.1% in the three months until September, East Midlands Chamber has given its reaction.
Director of Policy and Insight Richard Blackmore said: “When combined with the increased costs to businesses on the horizon, including National Insurance contributions, as announced in the Autumn Budget, the fact we’re seeing slowing economic growth is another red-flashing bulb, especially when the new government’s whole mantra is about growth.
“Figures published earlier this week showed a slight rise in East Midlands unemployment among over 16’s to 4.6%, and when you add higher recruitment costs for businesses to soon contend with and this slowdown in economic growth, the need for action from political leaders is underlined.
“While we had a mildly comforting few months earlier this year where we saw some green shoots of growth and a gradual exit from ‘technical recession’, these latest indicators all reinforce the need for political leaders to be rolling up their sleeves to do what they can to support businesses.
“The Chamber’s latest Quarterly Economic Survey highlighted how East Midlands businesses had reduced their spend on training and machinery, but with the tough Budget now weighing on the mind of businesses, we’ve conducted further research across a wide range of sectors to discover what impact the measures announced will have on them. We’ll shortly publish the findings of that work and present them to regional and national political leaders.”
