October's GDP figures are a false dawn

Monday 12 December 2022

James Watkins, Head of Policy and Public Impact at London Chamber of Commerce and Industry (LCCI) said:

"Businesses may be encouraged by a return to growth for October's GDP figures; however, the reality is that the economy is set to worsen for London's business community and the disruption in the run-up to Christmas will hit companies hard. The economy has shrunk overall in the last quarter of 2022 and forecasts for 2023 look deeply concerning.

There will be no route out of this economic slump without productive engagement between government and the private sector. Ministers must be prepared to engage with the London business community to review what further support it can provide to London in areas such as skills, productivity growth, and innovation to help kick start the national economy and pave the way to sustained economic recovery. Businesses should not be made to suffer the consequences of an economic crisis they did not cause. The resilience of some London businesses can only hold for so long, especially during what is proving to be an incredibly painful winter.”

ENDS