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LCCI responds to latest GDP figures

Thursday 15 February 2024

Karim Fatehi MBE, Interim Chief Executive of the London Chamber of Commerce and Industry (LCCI) said: 

“ONS figures showing the UK dipped into a recession make difficult reading, but will come as no shock to London’s business community.

“Our most recent Quarterly Economic Survey, the Capital 500, showed that only 26% of London businesses expected the UK economy to improve during 2024; the ONS figures today act as proof of an economy that is struggling to get back on a path to growth after a difficult few years.

“The UK’s recession is not unique; much of the global economy is witnessing similar stagnation in productivity, manufacturing, and economic growth, but that does not mean our Government should delay making tangible policy changes needed to incentivise growth and investment.

“We look forward to hearing how the Government plans to tackle the UK’s recession in the Spring Budget in March; we will be writing to The Chancellor to set out what we believe are the key policies that will drive growth and prosperity in London and the whole of the UK.”

ENDS