Disappointing GDP growth figures show the need to support small businesses to flourish
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Posted: Fri 15th Nov 2024
The UK economy grew by a lower than expected 0.1% between July and September, official figures show.
Economists had predicted growth of 0.2%, but the figure was a sharp fall on the 0.5% rise recorded in the second quarter of the year. In September, growth actually declined.
The fall, during the first three months of the new Labour government, was blamed on business uncertainty and concerns ahead of the Autumn Budget which took place in October.
Chancellor Rachel Reeves said she was "not satisfied" with the figures.
Commenting on the news, Emma Jones, founder of Enterprise Nation, said:
"The disappointing GDP figures suggest it's time to reflect on what it takes for entrepreneurs, start-ups and small businesses to flourish.
" Entrepreneurs are diverse and resilient by nature but they have been faced with a tough set of challenges leading up to and following the Budget. They are going to need help to rethink their strategy to cope with an increased tax burden in order to boost growth.
"This is an opportunity to prioritise business support to help businesses build resilient supply chains, and innovate and access new revenue streams in order to create the conditions to ensure the UK remains a great place to start and grow a business."