“Today’s data, showing an estimated 0.1% decline in GDP in the three months to January is further evidence that the UK economy remains in a precarious state. However, estimated growth of 0.2% in January may indicate the 2023 technical recession could soon be over.

“Businesses are clear about the factors that are holding back growth – high inflation, high interest rates, skills shortages, a lack of infrastructure investment, and trade barriers with the EU.

“Our most recent economic forecast expects GDP growth to be below 1% over the next two years.

“Last week’s Budget saw some positive measures for businesses, including an increase to the VAT registration threshold. However, the statement was not a game changer and the UK stills lacks a clear industrial strategy to unlock long-term growth.”