Quotes
Hopefully this will prove to be a blip.”
Jones, of the CBI, said
Uncertainty ahead of the Budget probably played a big part, with firms widely reporting a slow-down in decision making.”
CBI lead economist Ben Jones pinned this on today's low number
In spite of these downbeat figures, a December policy loosening looks improbable as rate setters will likely be concerned enough over inflation risks from the Budget and growing global headwinds to resist signing off back-to-back interest rate cuts.”
Mr Thiru continued
It underlines why we must be alert to and welcome opportunities to rebuild relations while respecting the decision of the British people,
Mr Bailey saidThe picture is now clouded by the impact of geopolitical shocks and the broader fragmentation of the world economy.”
He addedOfficial forecasts show because of the chancellor’s choices these figures are not likely to improve. Labour made a lot of promises about growth in the election, they need to act now before their broken promises lead to yet more taxes rises.”
He said
It’s the last thing our economy needs to get it out of the slow lane.”
Daisy Cooper added
The UK economy is stalled.”
Former chancellor Nadhim Zahawi described the growth figures as “anaemic”, while Lord Frost said
I’m sorry but Rachel Reeves can’t be surprised, after her disastrous budget what the heck does she expect?”
While Conservative London Assembly member Susan Hall saidImproving economic growth is at the heart of everything I am seeking to achieve, which is why I am not satisfied with these numbers
Ms Reeves said
These figures suggest that the economy went off the boil even before the budget, as weaker business and consumer confidence helped weaken output across the third quarter, particularly in September.
Suren Thiru, Economics Director at the ICAEW, saidThe economy grew a little in the latest quarter overall as the recent slowdown in growth continued
Liz McKeown, ONS director of economic statistics, saidAt my budget, I took the difficult choices to fix the foundations and stabilise our public finances. Now we are going to deliver growth through investment and reform to create more jobs and more money in people’s pockets, get the NHS back on its feet, rebuild Britain and secure our borders in a decade of national renewal.”
Ms Reeves added
Labour’s national insurance jobs tax will make it more expensive for businesses, which will then fuel higher prices, higher inflation, higher mortgage costs and slower growth.”
He addedThe contents of the budget ended up somewhat boosting the growth and inflation picture for 2025, and so in that context these data will probably do little to change the thinking at the Bank of England. We continue to expect further gradual easing, with the next rate cut coming early next year.”
He said