The institute said the General Election and Brexit should not get in the way of recovery.
Lee Petts, IoD Lancashire chairman, said: “Lancashire’s economy has shown welcome signs of improvement in recent years, due in no small part to initiatives like Boost and the creation of a unifying ‘Lancashire narrative’ led by the Lancashire Enterprise Partnership and Marketing Lancashire.
“We must all hold our nerve and ensure that issues like Brexit and the upcoming snap election aren’t allowed to distract us from the business of growing a successful and thriving economy here in the county.”
Stephen Martin, director general of the Institute of Directors, said: “It’s just one quarter, but the slowdown in growth emphasises the importance of maintaining confidence amongst businesses and consumers over the next couple of years as our political leaders haggle with the EU over the terms of the Brexit deal.
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The next Government can help to prevent a collapse in confidence by making it clear they are pursuing an orderly exit, where we transition as smoothly as possible from EU membership to a new trading arrangement.
“The Brexit negotiations, cannot be an excuse to take our eye off the ball on the many factors affecting the UK’s long-term economic competitiveness. After the election, companies expect the next government to quickly get to work on improving transport and broadband infrastructure, and making sure our tax and regulatory systems are fit to cope with the growth of the digital economy.”