"A shrinking economy is not what any Chancellor wants days before a Budget. However, in this case it's the cyberattack on Jaguar Land River that has slammed the brakes on UK economic growth, and without it economic activity would be showing a modest pick up. The massive knock on effects of events at a single company shows how vulnerable the UK economy is at the moment."
"Not only are large companies at risk from increasing cyberattacks, but the economy as a whole is reliant on a few central employers whose fortunes ripple out across the entire country. Large national champions are great - but they need to form part of a diverse economic ecosystem and today's numbers are an excellent example of why the government should be looking hard at supporting small businesses in particular in the Budget."
UK GDP contracted 0.1% month-on-month in September, below expectations for no growth and following a 0.1% rise in August. GDP rose 0.1% in the three months to September. Services activity grew 0.2% month-on-month and construction activity grew 0.2% month-on-month, while production activity fell 2.0% month-on-month. A cyberattack on Jaguar Land River significantly reduced economic output and constrained growth, exposing how events at a single large employer can ripple through the wider economy. The episode highlights the economy's reliance on a few central employers and the case for stronger support for small businesses in the Budget.
Read at London Business News | Londonlovesbusiness.com
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