BCC responds to ONS Q2 GDP figures

BCC responds to ONS Q2 GDP figures

Commenting on GDP figures for Q2 2020 published today by the ONS, British Chambers of Commerce Head of Economics Suren Thiru said:

“The UK suffered an historic contraction in economic activity in the second quarter as the coronavirus closed large parts of the economy. The dominant services sector suffered particularly badly in the quarter, with consumer-focused firms hit hardest by the pandemic.

“While there was a pick-up in activity through the quarter from the historically weak April outturn, this is more likely to reflect the release of pent-up demand as the economy gradually opened, rather than an indication of a sustained revival.

“With restrictions steadily easing, the second quarter is likely to prove to be the low point for the UK economy. However, the prospect of a swift ‘V-shaped’ recovery remains remote as the recent gains in output may fade over the coming months as the economic damage caused by the pandemic increasingly weighs on activity, particularly as the government support measures wind down.

“Against this backdrop, bold action is needed to immediately inject confidence back into the UK economy. This should include supporting businesses to retain staff through a cut in employer national insurance contributions and targeted support to help businesses placed under local lockdowns.”

Share this news story:

Other News

10-07-2025
Micronclean Hosts Second CLEAN Award with Local Schools

Following the success of last year’s pilot, Micronclean has hosted its second CLEAN Award in partnership with Lincolnshire ...

Read More
09-07-2025
Elevating a Local Health Practice: New Website Design for Eight Branches in Lincoln

LMRT design recently delivered a new website for Eight Branches, a respected Lincoln-based practice offering acupuncture, Chi...

Read More

Join our ever-growing membership base

Become a member
Our Patrons