Confidence among the region’s businesses remains low, East Midlands Chamber has cautioned, despite growth of 0.7% in the first three months of the year.
The latest estimated GDP figures from the Office for National Statistics were higher than expected by economists.
East Midlands Chamber Director of Policy and Insight Richard Blackmore said: “While growth in the economy is what businesses want to see, the operating conditions firms are faced with are harder than they were this time last year, with higher employer National Insurance contributions and higher national living wage on the cost sheet.
“Our Quarterly Economic Survey revealed confidence among East Midlands firms to have nosedived in recent months, with corporate taxation now the number one concern, followed by inflation, and half the region’s businesses saying they anticipate upping their prices as a result of the challenges they’re having to navigate.
“What businesses want to see is support – and that means political leaders at all levels putting the needs of firms front and centre in international trade talks and in the comprehensive spending review next month.”
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