Quarterly Economic Survey Q4 2021: Recovery weakening as inflation worries soar

·                   58% of firms expect their prices to increase in the next three months, the highest on record. 66% of businesses cited inflation as a concern, also a record high  ·                   1 in 4 (27%) firms were worried about rising interest rates, as concerns over rate hikes among manufacturers reach record high   ·                   Just under…

Curfew will be valid at night; family gatherings allowed

Restaurants remain closed. Compiled by Spectator The government approved another round of milder measures. From December 17, people will be allowed to visit each other. The cabinet approved gatherings up to a maximum of six people, or for members of one household. This comes after Health Minister Vladimír Lengvarský told the public last week that…

BCC Reacts to Latest ONS Inflation Figures

Commenting on the inflation statistics for November 2021, published today by the Office for National Statistics, Head of Economics at the BCC Suren Thiru, said:  “The latest figures confirms that the surge in inflation continued unabated in November.   “The increase largely reflected higher fuel prices and strong base effects which pushed up clothing and footwear prices in comparison with November 2020. Stronger growth in…

BCC says new EU Export Support Service must add value

William Bain, Head of Trade Policy at the BCC, said:   “Business has been pointing out the daily difficulties firms, large and small, have had with the new trading terms for EU exports since they started on 1 January.   “Many have found themselves wrestling with issues around VAT, export health certificates, and origin certification for the first time.  “The Chambers Network and ChamberCustoms were ready on day one…

BCC Forecast: business investment set to be left behind in record economic recovery 

UK business investment is expected to decline this year despite the prospect of record economic growth, according to the British Chambers of Commerce (BCC) economic forecast.  The leading business group predicts UK GDP growth for 2021 of 7.1%, which, if realised, would be the strongest outturn since official records began in 1949.1    Following robust GDP growth…

BCC RESPONDS TO ONS GDP FIGURES FOR Q2

Commenting on ONS GDP figures for Q2 2021, published today, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said: “The latest data confirms a robust rebound in output in the second quarter as the UK economy unlocked and restrictions eased. “The increase in output in the second quarter largely reflected a striking rise in household spending…

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BCC SAYS MANY BUSINESSES FACE DIFFICULT WEEKS AHEAD DESPITE PLAN FOR SELF-ISOLATION EXEMPTIONS

Responding to an update on possible self-isolation exemptions for key workers in critical services, Hannah Essex, Co-Executive Director of the BCC, said:  “While the announcement of a process which may exempt select critical workers from self-isolation in England will be a relief to some businesses, it will leave many more still facing critical staff shortages and lost revenue as the…

BCC Calls for Negotiated Settlement Following Latest NI Protocol Announcement

Responding to the announcement of the new UK approach to the Northern Ireland Protocol, William Bain, Head of Trade Policy at the BCC, said:   “Businesses in both Great Britain and Northern Ireland need durable, workable, negotiated solutions on compliance with the Protocol to ensure the continued two-way flow of goods East-West and North-South. The UK and EU governments need to work together to find…