Responding to the GDP monthly estimate, Muniya Barua, Deputy Chief Executive at 91¶¶Òù, said:
“This data suggests that a recession could be back on the table as the impact of the cost-of-living crisis hits households and businesses. With the IMF signalling that the UK is set to be the worst-performing economy in the G20 in 2023, it is vital that the Government acts now to prevent our economy from flatlining.
“Several low-cost measures could provide an immediate boost, including reforming the apprenticeship levy to encourage greater take-up and further devolution of regional pots of government funding so spending can be targeted where needed locally.
“The decision to end tax-free shopping, which is vital to attracting high-spending international tourists, should also be reviewed. With the eyes of the world on the King’s Coronation next month, we should do all we can to attract visitors that will boost the retail and hospitality sectors.â€