Responding to the latest GDP data, published by the Office for National Statistics this morning, Stuart Morrison, Research Manager at the British Chambers of Commerce, said: 

“Better than expected GDP data suggests the impact of pre-Budget jitters among businesses may have been less than predicted. Firms will welcome confirmation that the economy bounced back to growth of 0.3% in November itself, with the more reliable three-month average showing more modest growth of 0.1%.  

“The reality of the Chancellor’s statement, when it came, was no significant new taxes for firms, but a lack of game changing measures to properly kickstart the economy. Firms are telling us they’re still cautious about investing and recruiting, meaning growth will stay limited for the foreseeable.  

“Our latest economic forecast suggests a challenging year ahead for businesses, with a projected expansion in GDP of just 1.2%. Businesses are ambitious to drive forward better growth, but they need help.  

“2026 must be a year of delivery on growth, with government and business working in partnership. That means action from policymakers on igniting investment, powering productivity and transforming trade.”

Reacting to the Chancellor’s plans for a Youth Guarantee, Shevaun Haviland, Director General of the BCC, said:  

“Business will welcome the Chancellor’s ambition to get more young people into work. The BCC has been calling for this as a matter of urgency.  

“A well delivered Youth Guarantee can help tackle the growing youth jobs crisis, prevent a lost generation and realise the potential in every young person. 

“The UK’s active workforce is rapidly ageing, so it’s vital for our economy that we plug into this fresh talent pool, who have so much to offer.  

“Businesses will be keen to find out more about the practical details of this new scheme so they can get involved and ensure it is as effective as possible.”