Britain’s economy shrank by 0.1% in October, latest figures show.
Figures from the Office for National Statistics said the unexpected fall in GDP was driven by declines in construction and production, while the dominant services sector stagnated.
Suzanne Caldwell, managing director of Cumbria Chamber of Commerce, said: “The recent ONS figures which put GDP growth at just 0.1% in the three months to October 2024 suggest that the UK economy had weakened significantly ahead of the Autumn budget.
“The full impact of policy announcements made in the Budget remains to be seen.
“However, our recent survey highlights significant concerns among local businesses over tax and employment policy, with many businesses expecting to limit recruitment and investment as a result.
“These announcements, coupled with an already challenging business environment, are likely to negatively impact growth in 2025. Chambers’ recent economic forecast has downgraded growth expectations for 2024 to 0.8%.
“The Industrial Strategy – to be launched in the spring – will set out the Government’s plan to deliver long-term growth for the UK economy.
“Businesses will be looking for policy which reforms business rates, international trade, and infrastructure.
“Achieving economic growth will only be possible with the right conditions for businesses to invest, export and recruit.”
