CBI comments on latest GDP for May

Ben Jones, CBI Lead Economist, said:  

“Economic growth in May was stronger than expected. However, GDP data is volatile at the moment.  

“This is in part due to the impact of the Jubilee bank holidays, and this noise will continue to obscure the true state of the economy over the next few months. In reality, CBI surveys and real-time data point to subdued economic momentum. 

“The priority of the next Prime Minister must be getting the economy growing again. Tax policy is an important part of this, but we need tax changes that drive investment rather than fuel inflation.  

“Yet growth policy is about more than this and concerns the policies of virtually every department. Only a broad plan can be effective.”