Growth figure wipes out double-dip but doesn’t change real economic picture

Posted By Andrew Sissons

25 October 2012

Commenting on today’s GDP figures, Andrew Sissons, researcher at The Work Foundation, said:

“This growth figure is heartening, but it does little to change the overall impression of a flat UK economy. The economy remains smaller today than it did this time a year ago, and that should be a serious cause for concern. While this quarter’s growth corrects for the shallow double-dip recession, it should not be taken as a sign that a strong recovery is on the way.

“The most encouraging news here is the improvement in the production industries, particularly manufacturing. British manufacturing has had a turbulent year, but its growth is vital to a healthy and balanced recovery. Government must keep working to unlock business investment, to remove barriers to growth for the firms with the most potential, and to support innovation and entrepreneurship. Meaningful action on these priorities should be central to the Chancellor’s Autumn Statement in December.” 

                                                                                                                                                /Ends

Notes to editors

1. Charles Levy and Andrew Sissons are available for interviews, briefings and written comment.

2. The Work Foundation is the leading independent authority on work and its future. It aims to improve the quality of working life and the effectiveness of organisations by equipping leaders, policymakers and opinion-formers with evidence, advice, new thinking and networks.

Media enquiries:

Tom Phillips 020 7976 3554
tphillips@theworkfoundation.com

Anna Kharbanda 020 7976 3646
akharbanda@theworkfoundation.com