Chamber news: Businesses Help Drive The UK Away From Recession

May 13, 2024

The Mid Yorkshire Chamber of Commerce is one of 53 chambers accredited by the British Chambers across the UK. Through this network, our team helps to facilitate local, national and international connections, support and representation for organisations of all sizes and from all sectors, right here in the mid Yorkshire region.  

Reacting to the latest GDP figures, David Bharier, Head of Research at the British Chambers of Commerce, said: 

“Today’s Q1 GDP first estimate of 0.6%, outstripping expectations, is a welcome sign that the UK has moved away from last year’s shallow recession. Businesses across the UK have been the driving force behind the recovery. 

“Firms have shown resilience in the face of multiple headwinds and this estimate should give business and investor confidence a boost. 

“However, significant challenges remain. The UK has seen waves of economic and political uncertainty in recent years, from inflation to skills shortages and trade barriers with the EU, which have weighed down on its growth potential. Our latest surveys show that most SMEs are still not increasing investment. 

“With signals from the Bank that their next move will be an interest rate cut, it is now essential that policymakers show businesses a clear plan for growth to unlock their economic potential.” 

MY Chamber is the go-to organisation for business across Calderdale, Kirklees and Wakefield, if you would like to discuss what this latest release means for your organisation on a local level, please contact our team

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