This morning, the latest UK gross domestic product (GDP) figures were released by the Office for National Statistics showing a 0.5 per cent growth.
This has come as a pleasant surprise to many analysts, particularly due to the growing imbalances within the economy and the surging rate of inflation which is reducing consumer spending.
Sara Williams, CEO of Staffordshire Chambers of Commerce, said: “It’s great to see that the construction and services sectors have continued to show buoyancy, with services output growing 0.4% in May. Both sectors have faced several different challenges over the course of the pandemic and as with other sectors are hoping to have further consecutive months of growth.
“One of the main driving forces for the growth in GDP is the increase in GP appointments as well as the increase in holiday bookings. Despite this, it is still worrying that the most recent quarterly economic survey showed that longer-term business confidence measures have begun to fall, with the current political instability undoubtedly increasing uncertainty amongst many SMEs.
“We urge the new government to ensure that business needs are put at the heart of their agenda and to enforce direct fiscal intervention to help businesses overcome the pressure that the surge of inflation and rising business costs has caused.”
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