CBI comments on latest UK GDP figures

Alpesh Paleja, CBI Principal Economist, said:

“While it might seem encouraging to see economic growth pick up at the start of the year, this was at least in part due to stockpiling ahead of the recent Brexit deadlines, which is likely to fade away.

“Business surveys were already painting a more subdued picture of growth over the first quarter and have made a weak start to the Spring.

“Looking ahead, the threat of no deal remains just as stark as it was in March, and the extension of the deadline to October does little to lessen the uncertainty that has been impacting economic activity. It will be crucial for Parliament to finally agree a Brexit deal, in order to give businesses the confidence they need to invest and spend, rather than simply stockpile, in the UK.”