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LCCI call for government help following ONS results

Friday 10 February 2023

Stagnant growth figures and high inflation mean government support for businesses is essential.

Richard Burge, Chief Executive of London Chamber of Commerce and Industry (LCCI) said: “Figures released today showing that the UK economy narrowly avoided a recession in 2022 are welcome, but in reality, the UK's economic performance is sluggish at best. High interest rates, unsustainably high operating costs and zero productivity growth present a toxic mix for our business community.

“The recent machinery of government changes are symbolically positive, but we need to see a clear and credible plan to get the UK back on a trend of long-term economic growth. To do this, the Government needs to engage more effectively with the business community.

“London businesses will be key drivers of the UK’s eventual economic recovery, but current trading conditions are not conducive for growth. Only when businesses can rely on a sound customer base, access to affordable working capital and a favourable economic climate, will business confidence return, and with it, necessary levels of private sector investment.

“If we continue along our current trajectory – teetering on the edge of recession – London’s businesses will stagnate and living standards will continue to fall. Businesses did not create these economic conditions, but they are suffering as a result of them.”