The shrinking British economy reaffirms the need for a long-term economic plan

Friday 11 November 2022

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

“The news this morning that the British economy has shrunk reaffirms the desperate need for a long-term economic plan that inspires business confidence, boosts productivity and delivers economic growth for the UK.

As the Government prepares the Autumn Statement we hope that it outlines measure to alleviate some of the extreme pressures businesses are facing, acknowledging that small and medium sized businesses are the lifeblood of our economy. We need to see pro-business measures such as moderating corporate tax rises, a new approach to the business rates system and a signposted extension of the energy price guarantee.

In his time as Chancellor, the Prime Minister engaged well with UK businesses. He prioritised their needs through the furlough scheme and did well to listen to what they required in times of Covid-induced struggle. We hope that he reflects on his first-hand experiences of the financial market of this country and realises the importance of targeted and long-term measures for the hard-done businesses of London.”

ENDS