CBI responds to latest GDP data

Alpesh Paleja, CBI Lead Economist, said:

“The latest data sheds further light on just how much the economy has been affected by lockdown. While recent indicators suggest we have turned a corner, it’s clear many sectors are still in acute distress.

“Sadly, the legacies of this crisis will likely be felt for some time. The Chancellor’s Summer Statement was an important step forward, but many viable firms remain in danger as a result of reduced cash flow and a lack of consumer demand.

“The Government must continue to back a long-term, sustainable recovery while responding to the challenges companies are experiencing right now.”