Reacting to the latest ONS figures on GDP for August 2022, David Bharier, Head of Research at the BCC, said:
“The 0.3% fall in monthly GDP for August 2022 is a warning sign that the economy was already stalling before the market turmoil of recent weeks.
“Our research indicates that business confidence is falling at an alarming rate. Volatility in the currency and bond markets following recent Government announcements will have only exacerbated this.
“The six months energy support package will have provided some breathing room for businesses facing eye-watering energy costs.
“To build business confidence, Government must rapidly provide more detail on its fiscal policies and supply side reforms, particularly at a time when businesses face the twin crises of rising interest rates and high inflation.”