“THE CITY’S businesses are doing an incredible job to stay afloat, but need help.”
That is the view of Coventry and Warwickshire Chamber of Commerce chief executive Corin Crane.
Mr Crane has urged the government to throw local firms a lifeline after figures showed the UK economy grew by just 0.1 per cent in the first quarter of the year.
Data from the Office for National Statistics showed the economy reduced by 0.3 per cent in March.
Mr Crane added the latest figures showed the economy had not yet reached pre-pandemic levels, highlighting how difficult it has been for businesses in the past three years.
“We’ve seen only last week that inflation is remaining high and this has led to another interest rate rise, which is making it so hard for firms to plan with any certainty around their cost base.”
In the chamber’s recent quarterly economic survey, companies across the city revealed their international trade had fallen.
Mr Crane said firms which exported were more likely to survive and grow, having a positive effect for the whole community and added the Government could help improve this immediately, bolstering growth.
