CBI responds to GDP data for July 2026

Ben Jones, CBI Senior Lead Economist, said:   

“Stronger-than-expected growth in July suggests that the economy carried some of its first-half momentum into Q3. 

“But although the economy has proved more resilient to the fallout from the Middle East conflict than initially seemed likely, the second half of the year looks a bit more challenging. Higher household energy bills are beginning to bite, while volatile energy markets and a global bond-market sell-off are adding to uncertainty and pushing up borrowing costs. 

“Business surveys have become less pessimistic than earlier in the year, but the improvement remains tentative. Ahead of the Budget, firms will be looking for how the Chancellor’s vision to unlock investment, innovation and good jobs across the country translates into action to tackle the cost of doing business – essential to turning that ambition into stronger growth and improved living standards.”