Comment from Chamber - GDP Figures

Commenting on the first estimate of Gross Domestic Product for Q4 2012 by the Office of National Statistics, showing that the UK economy contracted by 0.3% in the final quarter of last year, Dr Brian Sloan, Chief Economist at Greater Manchester Chamber of Commerce, said: “Although the headline figure is very disappointing and will dent confidence, the details of these figures indicate that the economy remains broadly flat.

"We have repeatedly warned this would be the case without more decisive action to support the domestic economy. Infrastructure investment and a rebalancing of the economy towards the North West region is needed, as the capacity exists here to drive the UK’s growth and competitiveness.

“The Government has talked about deficit reduction and rebalancing the economy, but has made little or no progress. The Chancellor’s Autumn Statement was further proof that the Government does not understand how to grind out growth or respond to current economic conditions, many of which could easily be foreseen.

"Many commentators will now expect to see further rounds of asset purchases by the Bank of England; however, we would urge them to resist at this time as it is the Government that must act to improve growth prospects and confidence.”