The UK’s economy grew by just 0.1% between July and September and actually shrank during September itself, according to the Office for National Statistics.
The figure was weaker than expected and was a sharp slowdown from the 0.5% growth seen in the April to June period.
David Bharier, Head of Research at the British Chambers of Commerce, said growth could only come through business but firms had been rattled by tax increases and other additional costs outlined in the Autumn Statement. 
He said: “The preliminary GDP data for Q3 at 0.1% suggests economic growth has lost some momentum in the second half of 2024.
“Our latest research has shown business confidence falling back amid a spike in anxiety over tax and employment policy. Meanwhile geopolitical uncertainty continues to make international trading conditions challenging.
“Last month’s Budget gave UK businesses some welcome indication of the Government’s long-term framework to boost growth. However, our early feedback from businesses suggest many will not be able to stomach the raft of new costs.
“SMEs now face making tough decisions to deal with the increase in National Insurance Contributions, the rise in the National Living Wage and the impact of the Employment Rights Bill.
“Sustained economic growth can only come through business. That’s why it’s crucial that we see decisive and inclusive action at pace from the Government to unlock investment. A lot is riding on the detail of the industrial and trade strategies in the months ahead.”
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