Region's business leaders say end of recession is 'no cause for celebration' - The Rugby Observer

Region's business leaders say end of recession is 'no cause for celebration'

Rugby Editorial 12th May, 2024   0

BUSINESS leaders in the region say the UK coming out of recession is no cause for celebration.

The Coventry and Warwickshire Chamber of Commerce said that while companies in the region would be relieved that the country had emerged from a short recession, they were still facing too many barriers.

Chamber chief executive Corin Crane said: “I’m amazed on a daily basis by the incredible businesses we have in this region across a broad range of sectors and it’s testament to companies across our patch and, indeed, the rest of the country that we have come out of recession so quickly.

“There have been times in the not too distant past when the word ‘recession’ would have begun a self-fulfilling decline but we speak to businesses every single day and they know that a small rise or fall in GDP doesn’t change the fundamentals of the economy they are working in.

“I think it will be relief to come out of the recession quickly – but it shouldn’t cover for the fact that there are still many barriers to doing business that are holding back growth.

“With a General Election around the corner we will be making sure that every politician locally, regionally and nationally understands what those issues are and supports us in fixing them to help our brilliant businesses to grow.”

David Bharier, Head of Research at the British Chambers of Commerce, said businesses had been the driving force behind the recovery.

He added: “Firms have shown resilience in the face of multiple headwinds and this estimate should give business and investor confidence a boost.

“However, significant challenges remain. The UK has seen waves of economic and political uncertainty in recent years, from inflation to skills shortages and trade barriers with the EU, which have weighed down on its growth potential. Our latest surveys show that most SMEs are still not increasing investment.

“With signals from the Bank of England that their next move will be an interest rate cut, it is now essential that policymakers show businesses a clear plan for growth to unlock their economic potential.”


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