BCC responds to ONS GDP figures for August

BCC responds to ONS GDP figures for August

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

“While the latest data confirms a rebound in economic activity continued into August, the sharp slowdown in growth indicates that the recovery may be running out of steam, with output still well below pre-crisis levels.

“The increase in activity in August largely reflects a temporary boost from the from the economy reopening and government stimulus, including the Eat Out to Help Out Scheme, rather than proof of a sustained ‘V’-shaped recovery.

“Although the UK remains on course to exit recession in the third quarter, the looming triple threat of surging unemployment, further restrictions and a disorderly end to the transition period means the recent rally in economic output is likely to be short-lived.

“As a result, the government must stand ready to help firms navigate a difficult winter, beyond the Chancellor’s recent interventions. This means fixing the ailing Test and Trace system to prevent future damaging lockdowns and providing comprehensive support packages for firm’s subject to local restrictions.”

Share this news story:

Other News

23-07-2024
Ongo career fair helps locals with employment support and opportunities

On Thursday 27 June, Ongo hosted a career fair at their Cole Street office in Scunthorpe.

Read More
22-07-2024
HMRC Loses Landmark Case

HMRC Loses Landmark Case

Read More

Join our ever-growing membership base

Become a member
Our Patrons