Chambers responds to ONS GDP figures for July

Commenting on GDP figures for July 2020 published today by the ONS, BCC Head of Economics Suren Thiru said:

“The latest data confirms that UK economic activity continued to pick-up in July as lockdown restrictions eased further.

“The UK economy is currently in a period of temporary calm, with activity buoyed by the government’s emergency support measures and the unwinding of pent-up customer demand as more parts of the economy reopened.

“However, with many firms continuing to face an unprecedented cash crisis and unemployment likely to surge as the support schemes wind down, there remains little prospect of a sustained resurgence unless substantial action is taken.

“To protect jobs and livelihoods, the government should consider extending and adapting the Coronavirus Business Interruption Loan Scheme to ensure businesses are supported sustainably over a longer period, as well as introducing a more significant package of support for firms placed under local restrictions.”

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