Political uncertainty reflected in latest economic figures

The latest figures released by the Office of National Statistics show the UK economy grew by only 0.1% between September and November 2019.

In response Geoff Mason, Policy Manager of the North & Western Lancashire Chamber of Commerce, said:

“These figures back up the results of the Chambers of Commerce Quarterly Economic Survey for Q4 2019.  This information relates to a time of uncertainty surrounding both Brexit and the General Election.  A more stable situation in Parliament and improved clarity with regard the UK’s exit from the EU may well see a positive shift in momentum over the next few months.

“There is speculation that the continued weak economic performance could lead to cut in interest rates when the Monetary Policy Committee meets at the end of January.  This move could provide a welcome stimulus to business.  Also, if the budget in March commits to key infrastructure spending and tackles issues like business rates and up front business costs this would go a long way to help boost the economy, strengthen growth and increase investment.”

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