Zero economic growth ‘underlines the need to prioritise businesses’

AFTER the latest monthly GDP figures from the Office for National Statistics showed there was no growth in July, East Midlands Chamber has called for supportive policies in the upcoming Autumn Budget to protect firms from additional costs.

- By TELEGRAPH REPORTER

The Office for National Statistics (ONS) said there was zero growth in gross domestic product (GDP) month on month in July, against 0.4% growth in June.

While most economists had expected zero expansion in July, it adds to mounting pressure on the Government, which has set itself a key priority to boost economic growth.

The flat GDP figure for July came after the manufacturing sector saw activity pull back by 1.3% - the biggest contraction since July 2024.

This held back growth in the wider economy, with the services sector up 0.1% thanks to expansion of 0.6% for retail as hot weather boosted the high street, and construction growing 0.2%.