CBI responds to July 2024 GDP figures

Ben Jones, CBI Lead Economist said:   

“The figures suggest the UK’s recovery remains on track, though sector performance remains mixed and growth over the second half of the year will probably be a bit slower than in recent quarters.

“Ahead of what promises to be a difficult budget next month, the government is treading a narrow path to put the public finances on a sustainable footing while maintaining the confidence of business and investors in the recovery.

“The government must remain focussed on its agenda for long-term growth. This means avoiding further pressures on business costs and providing firms with the certainty and long-term commitments over tax, regulation and infrastructure that will give them confidence to invest. 

“By doubling down on the recently announced planning reforms, introducing a Net Zero Investment Plan and implementing a clearer, fairer and more competitive business rates system, government has an opportunity to supercharge investment and UK growth over the next Budget period and beyond.”