Wednesday, June 3, 2020

Despite sturdier growth, business activity looks ‘set to lose steam’ says IoD

Responding to latest official GDP statistics for the UK, showing growth in Q3 rose to 0.6%, Tej Parikh, Senior Economist at the Institute of Directors, said:

“Despite sturdier growth in the third quarter, there remains no room for complacency.

“Quarterly growth has reached a near-two year high, but looking beneath the surface, the uptick is skewed by the summer’s buoyant, world-cup fuelled retail activity. With order books weakening and major hiring and investment decisions being held back, business activity looks set to lose steam in the coming quarters.

“Moreover, while consumers have shown a degree of resilience in the face of uncertainty, households are now likely to demonstrate extra caution on the Christmas spend this year with the cost of living still squeezed and confusion around Brexit beginning to bite a bit more.

“The Chancellor’s measures in the Autumn Budget may help lift growth when they come into effect next year, but until then confidence will continue to struggle as long as Brexit negotiations stutter.”

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