CBI responds to October 2022 GDP data

Alpesh Paleja, CBI Lead Economist, said:

“A small uplift in GDP over October was expected, reflecting an unwinding of the impact of an extra bank holiday in September. But it doesn’t mask the fact that times are tough for businesses and households. Inflation is still historically high, and growth, productivity and business investment is far too weak.

“As we approach 2023, the Government has a choice to make between action and inaction. The Prime Minister and Chancellor must use levers of growth not only to stem the severity of an upcoming downturn, but also to address the persistent weakness in investment and productivity. We cannot afford to have another decade where both are effectively stagnant.”