“With no growth in the three months to November 2024, and a very limited uptick for the month itself, it’s clear that the UK economy continues to be stuck in a worrying rut.

“Our latest forecast expects GDP to pick up slightly in 2025 and 2026, but this is driven largely by increased government spending. Right now, firms are struggling to deal with a raft of extra costs following the Budget. Investment levels are likely to remain low for the foreseeable future, as businesses try to balance their books.

“We urgently need to see government action to ease cost-pressures and spark investment. Ministers should focus on business rates reform, infrastructure projects and promoting trade to unlock economic growth.”