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IoD responds to GDP growing 1.8% in May

14 Jul 2020


Responding to latest official economic figures, showing monthly GDP grew by 1.8% in May, Tej Parikh, Chief Economist at the Institute of Directors, said:

“These figures underline that a return to normality won't be straightforward for the UK economy.

“There is a big question mark around how fast we can rebound back to pre-pandemic levels. Firms continue to face significant uncertainty around consumer demand and are still adjusting to operating under social distancing. Meanwhile, the debt some businesses have built up during the crisis could weigh down investment and hiring decisions, hurting our performance in the longer term.

“While some of the Chancellor’s announcements last week may have gone down well, he may yet need to return to the plate before the Autumn Budget to stimulate the economy. Broader measures to lower employment costs and and support business investment will be vital to help the economy jump out of this crisis."

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