Coventry and Warwickshire Chamber of Commerce says economy still not 'on track' after latest GDP figures released

Coventry and Warwickshire Chamber of Commerce says there is a long way to go before the economy is back on track.

Corin Crane, chief executive of the chamber, said the latest 0.2 per cent rise in GDP in August was a further sign of slow growth.

He said: “Of course, any growth is much better than the economy contracting and it really is a testament to businesses in this region – and the UK as a whole – that they continue to show resilience in the face of really tough circumstances.

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“Our latest survey figures appear to show that there are signs of confidence returning in Coventry and Warwickshire but there is still a long way to go before the economy is back on track.

“There has been so much uncertainty over the past few years and that has weighed heavy on businesses’ ability to grow.

“What we really need now is a long-term strategy for our economy to give businesses the confidence to invest for the future and, as ever, our team at the Chamber is here to support companies across the patch to help them succeed.

“We’ll be delving into the economic outlook, the barriers to growth and the future of Coventry and Warwickshire at our annual conference in November and would urge firms to sign up to be there.”

David Bharier, head of research at the British Chambers of Commerce, said: “With GDP growing by 0.3 per cent in the three months to August, and by 0.2 per cent on a monthly basis, the UK economy is holding up but remains in a precarious state. The production sector, in particular, has seen worrying data revisions showing stark monthly falls in growth.

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“Our research is clear about the issues UK firms are facing - three years of economic shocks, high inflation and interest rates, skills shortages, and trade barriers with the European Union. Consequently, most SMEs report no increase in their investment plans.

“Businesses need to see a strategic vision for the long-term framework for investment in the UK. Recent policy announcements around projects, such as HS2, will have generated more uncertainty for businesses searching for stability.”