Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:
“The latest ONS data showing a minimal GDP increase of 0.2% in September and no growth at all in Q3 highlights the ongoing difficulties that the UK and Welsh economies face.
“Businesses in Wales have dealt with three years of economic shocks with little relief and, despite steps in the right direction, are still impacted by high inflation and interest rates. Our Quarterly Economic Survey for Q3 results revealed that 62% of Welsh businesses feel that inflation is more of a concern to them now than it was in the previous quarter, with 54% citing interest rates as a key concern.
“These factors, combined with ongoing recruitment and skills challenges, mean businesses are hesitant to invest in plans to support their long-term growth. Firms will now be looking to the Autumn Statement for clear, bold decisions which help create a framework for growth.”
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