Reacting to the latest GDP figures published by the ONS, Emily Stubbs, Head of Policy at Greater Birmingham Chambers of Commerce (GBCC), said: “GDP shrinking in January and tepid growth over the last three months will be disappointing news to the Government this morning.
"However, it's perhaps unsurprising as businesses face the looming prospect of additional cost pressures from April. Our latest research indicates that the national insurance hike announced in the autumn budget will hit investment, recruitment and prices in the coming months.
"The Chancellor must use the upcoming spring statement as an opportunity to reduce the tax burdens on businesses and provide the clarity of direction needed for firms to make investment decisions. Movement on business rates reform, infrastructure development and boosting trade relationships with our EU counterparts will also be critical to improving business confidence."
