28th Jun, 2022

Brexit not responsible for GDP growth says Coventry Chamber of Commerce CEO

Shaun Reynolds 27th Oct, 2016 Updated: 28th Oct, 2016

THE CHIEF Executive of Coventry and Warwickshire Chamber of Commerce has said Brexit is not responsible for further GDP growth as it ‘hasn’t actually happened yet’.

Despite GDP growing by 0.5 per cent in the third quarter of 2016, Louise Bennett said the slight fall in growth reflected what companies in the region have been saying.

The 0.5 per cent growth figure is slightly down on the 0.7 per cent from the previous quarter.

Ms Bennett said: “Businesses told us in our last Quarterly Economic Survey they weren’t as confident as they were before the vote – but that confidence hasn’t dropped off a cliff, it’s just been dampened.

“Compared to many forecasts, growth of 0.5 per cent will be seen as something of a positive result.

“However there are lots of factors to consider within that – including the fact that Brexit hasn’t actually happened yet so companies are taking a business as usual approach.

“Once we know the full details of what leaving the EU looks like, we might get a clearer picture of what the economic effect will be.

“The decision does seem to have focussed the government’s mind on the need for an industrial strategy and the need to get the economy moving through improved infrastructure.

“We should get further evidence of this next month when the new Chancellor delivers his first Autumn Statement.

“Within this, we would like to see several ‘business-friendly’ measures that will help firms across Coventry and Warwickshire to Go for Growth by making it easier to invest and promotes opportunities to export.”

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