Response to latest GDP figures

Rain Newton-Smith, CBI Chief Economist, said: 

“The UK economy saw a lacklustre end to the year hit by the emergence of the Omicron variant and Plan B restrictions. While the worst of the impact appears to be over, firms are still grappling with supply shortages and cost pressures, while households are facing a looming cost of living crisis.

“We’re caught in a low growth trap, and the only way to get out is a relentless focus on competitiveness. A 100% permanent investment deduction can trigger a chain reaction of business spending across the whole economy. And a future-focused approach to regulation and skills will be vital to help us avoid another lost decade of growth.”