Commenting on the revised GDP figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

“The figures published today confirm a sharp 1.5 per cent decline in GDP in the fourth quarter of last year. While fears that the preliminary figures would be revised down have not materialised, it is very worrying that the initial estimate for the decline in manufacturing output has been cut further. It is also a concern that the figures confirm sharp falls in both investment and exports.

“Against this background it is imperative for the Government, the Bank of England and the MPC to persevere with vigorous corrective measures.  As well as stimulating demand it is important to reduce the huge regulatory burden facing businesses.”

“Against this background it is imperative for the Government, the Bank of England and the MPC to persevere with vigorous corrective measures.  As well as stimulating demand it is important to reduce the huge regulatory burden facing businesses.”