CBI responds to monthly latest GDP figures

Ben Jones, CBI Lead Economist, said: 

“It’s encouraging to see that economic activity rebounded in November after the previous monthly fall. But while this means the UK should avoid a technical recession last year, it masks an overall picture of a flatlining economy.  

“The CBI’s latest surveys suggest the economy will struggle to gain any traction in the near term, as consumers rein in spending and firms face a trio of headwinds in the form of subdued demand, cost pressures and ongoing difficulties finding the staff they need.  

“With an election fast approaching, all parties need to look at measures which can get the economy firing on all cylinders. Full capital expensing was an exciting first step in this direction, but the Spring Budget is a chance to press ahead with a wider programme of measures around innovation, skills and decarbonisation that provide the foundations for sustainable economic growth and kick-start productivity.”