CBI comments on GDP

Ben Jones, CBI Lead Economist, said:

“GDP growth was stronger than expected in June, highlighting the resilience of the UK economy during the first half of this year. But our latest business surveys suggest the foundations for growth remain fragile, with the demand outlook uncertain, finance costs rising and firms still reporting difficulties finding skilled workers.

“With fiscal and monetary policy expected to remain tight for the foreseeable future, we need a renewed focus on building the productive capacity of the economy, which is the surest way to drive up growth and living standards in the UK. Low-cost improvements to the tax and regulatory environment would be a good first step, so that businesses can invest and decarbonise with confidence.”