Earlier in August, the Bank of England trimmed interest rates to 5% in its first cut for four years.
“The challenge for government is to firmly lift the UK’s growth performance out of the doldrums,” said Ms Leach.
“There’re no quick fixes here: we’ll need the government to follow-through on its manifesto commitments to set and stick with long-term infrastructure investment plans.”
The economy was a key battleground in the general election which Labour won in a landslide after 14 years of a Conservative government.
Prime Minister Sir Kier Starmer pledged to take “take the brakes off Britain” and in the King’s Speech announced a number of plans, including changes to the planning system to make it easier to build houses and infrastructure.
Chancellor Rachel Reeves said: “The new government is under no illusion as to the scale of the challenge we have inherited after more than a decade of low economic growth.”
But shadow chancellor Jeremy Hunt said that the GDP figures “are yet further proof that Labour have inherited a growing and resilient economy”.
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