Member Article

Cov and Warks business leaders say businesses are being held back as economic growth slows

Business leaders in Coventry and Warwickshire say firms in the region are being held back from reaching their full potential after it was revealed that economic growth slowed.

The economy grew just 0.1 per cent in July according to the latest GDP figures and the Coventry and Warwickshire Chamber of Commerce believe it is down to a range of factors.

Tom Mongan, president of the Chamber, said: “The economy bounced back significantly when restrictions first started to be eased and that growth slowed in July leaving us still some way short of pre-pandemic levels.

“There are a number of factors holding businesses back and it is vitally important that these are addressed in order for us to get growing significantly again.

“They include issues in the supply chain which are preventing much-needed goods circulating around the economy. There are also difficulties in recruitment, which means businesses might be ready to grow but don’t have the people to support it.

“Of course, there are many out there who are still very cautious due to Covid-19 and it may take time for them to have their confidence restored.

“It’s important, therefore, that those supply chain issues start to be fixed and that we find a way to get the extra 250,000 people who are unemployed since the start of the pandemic into those roles that our businesses desperately need to fill.”

This was posted in Bdaily's Members' News section by Matt Joyce .