October 12, 2023

UK GDP Growth Figures Provide Confusion Not Clarity

Growth Figures released today by the Office for National Statistics provide confusion not clarity for UK businesses.

That is the opinion of Fiducia Commercial Network Managing Director Mark Grant who feels the latest ONS release muddies the financial waters further rather than providing a clear indicator for the future.

He believes the growth figures could be interpreted both positively and negatively, and fears that merely provides further confusion for British business and brokers alike.

Conflicting

Mark said: “Much like the conflicting growth directions of different sectors in the Office for National Statistics’ (ONS) GDP Growth figures released for August, the outlook for future growth is complicated, and could be spun both positively and negatively.

“July’s GDP slump was revised lower to 0.6%, making August’s headline rate of +0.2% (fuelled by a 0.4% rise in the services sector) all the more flattering, and the 3 months to August +0.3% – which could all be spun positively after the July figures.

“However, experts are already pointing to lower output and spending in September, and if this translates to the Services sector taking a hit then it is not certain that Q3 2023 will post positive growth overall.

Inflation Data

“We could chalk this up as being another conflicting economic release (of which there have been many this year) – so eyes down now for the next set of inflation data as we look for a conclusive indicator on the next interest rate decision.”

Mark is the Managing Director (UK) at Fiducia Commercial Network, the UK’s fastest growing network of Appointed Representatives.

The Network includes former commercial bank managers, residential mortgage brokers with commercial clients, finance brokers, accountants, solicitors, tax advisers and property developers and expects to broke more than £4 billion in funding over the next three years.