Uk Economy Shrinks

Figures today from the Office of National Statistics (ONS) have shown that the UK economy has contracted by 0.1%. This is certainly going to be of concern to the Government as the effects of the budget are yet to hit and as we know this is likely to have an affect on all businesses.

NFFF President, Andrew Crook commented “The figures out today do reflect what we are feeling in the fish and chip industry, inflationary prices and heavy tax burden, which is set to increase in just a few weeks, is suffocating growth. With the spring statement just days away we hope the Chancellor is ready to take some brave decisions to give businesses the headroom to stimulate the economy, afford the higher wages and tax and allow us to play our part in economic recovery. For too long the independent hospitality sector has been seen as a cash cow by successive governments but many of our members have had enough and it is time the government recognised the important role we play in the our respective communities providing many confidence building jobs. The autumn statement has caused so much uncertainty for business, this fiscal announcement has to deliver! “

You can read more about the ONS data here

UK economy shrinks by 0.1% ahead of Spring Statement | TheBusinessDesk.com