Government must use surprise economic growth as springboard – Chamber

The UK economy confounded expectations as it grew by 0.1 per cent in the final three months of 2024, according to figures released today.

And Greater Birmingham Chambers of Commerce have called on the Government to use the results as “a springboard to drive further growth”, with the Comprehensive Spending Review in Spring.

The Office for National Statistics (ONS) reported a 0.1 per cent rise in gross domestic product (GDP) during the fourth quarter, driven by a recovery for growth in services and manufacturing during December.

Economists had been largely expecting a contraction of 0.1 per cent for the three-month period following a zero growth reading for the previous three months to September.

Raj Kandola (pictured), director of external affairs at Greater Birmingham Chambers of Commerce, said: “The Chancellor will breathe a sigh of relief as this morning's GDP figures confounded expectations, with the economy growing modestly.

“Nevertheless, the ONS also revealed that real GDP per head has fallen and, according to our most recent Quarterly Business Report, business confidence has taken a knock over the last few months.

"The Chancellor will need to use this morning's results as a springboard to drive further growth particularly with the Comprehensive Spending Review around the corner.

“This will provide a perfect opportunity to showcase the Government's commitment to creating new infrastructure and boosting overseas trade opportunities.”

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