LCCI react to ONS GDP figures for May 2023

Commenting on the latest ONS figures, Richard Burge, Chief Executive Officer at London Chamber of Commerce and Industry said,

“The latest data by the Office for National Statistics (ONS) is a reminder that the government must take every possible step to reduce inflation and get the UK economy back on track. As LCCI’s Quarterly Economic Survey from April to June showed that inflation continues to be the top concern for 66% of London businesses suggesting that the current national economic crisis remains on the top of mind for business owners. The rise in imports from the EU linked to easing of supply chain issues is a positive sign as supply chain costs continue to hamper the productivity of London businesses.

“Despite stagnant national growth, London businesses have performed better than expected. The government must work extremely hard to reduce energy, food and supply chain costs to keep up the resilience of businesses. Our members will want to see concrete policy steps that could help to reduce the upward pressures on inflation, which in turn would reduce the need for further monetary policy tightening.“