Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:
“GDP fell in December by 0.1% and by 0.3% in Q4. These contractions suggest that the UK economy is in technical recession and confirms the low to no growth cycle businesses have had to operate in during the last quarter.
“Businesses in Wales were already under no illusion about the difficulties they face amid the economic uncertainty of recent months, driven by high inflation and interest rates.
“In the upcoming Spring Statement, the Chancellor must set out clear measures to aid long-term growth to provide firms with the confidence to plan, invest and innovate, as well as resolve ongoing skills challenges.”
