Growth Street calls for “passable” Brexit plan

Growth Street comments on the British Chambers of Commerce's Economic Survey, 8th October 2018.

Greg Carter, CEO, Growth Street, comments:

“As we move towards the end of 2018, market conditions could present exciting opportunities for SMEs with bold ambitions and plans for growth. By and large, the UK’s economy is performing well in response to the political upheavals we’ve seen over the last couple of years.

“However, this will not continue if the Government does not get a handle on the Brexit negotiations and produces a passable plan of action setting out what it expects our economy, as well as the nature of our relationship with the EU, to look like post-Brexit.

“UK productivity is almost 20% below its pre-crisis trend-level and more than 20% behind that of the US, Germany and France. To tackle this, a priority for Britain’s businesses should be to increase investment in R&D. Britain ranks low on R&D spending by international comparison, at 1.7% of GDP. 

“Happily, we have ambitious businesses coming to us and asking whether we can fund R&D-related projects. But there is still more to do. As someone invested in the success of Britain’s growing businesses, I hope that significant changes are not too far ahead.”