Inflationary Pressures Reach Uncharted Territory – Quarterly Economic Survey Q1 2022

Nearly 2 in 3 (62%) firms expect to raise prices, a new historical high More than 3 in 4 (77%) cite inflation as a growing concern for their business, also an historical high Indicators for cash flow weaken as cost of doing business crisis escalates The BCC’s Quarterly Economic Survey (QES) for Q1 2022 – the UK’s largest independent…

Spring Statement: Chancellor must act now to ease ‘cost of doing business crisis’ 

The British Chambers of Commerce (BCC) is urging the Chancellor to take bold and decisive action in his Spring Statement to tackle the escalating cost of doing business crisis.  As global and domestic headwinds mount following the invasion of Ukraine, the BCC believes he must act now to protect the UK from a renewed economic…

BCC RESPONDS TO LATEST ONS LABOUR MARKET FIGURES

Commenting on the ONS Labour Market statistics for March 2022, BCC Head of Economics, Suren Thiru, said: “Rising payroll employment and declining unemployment suggests that demand for workers remains robust despite growing headwinds. “Although there was a modest pick-up in regular pay growth, wages are still comfortably trailing behind inflation, which is putting the brakes on consumer spending by eroding…

BCC Forecast: UK economic growth to halve this year as domestic & global headwinds soar

UK economic growth is expected to halve this year amid soaring inflation, major tax rises, and global shocks – including Russia’s invasion of Ukraine.  UK Economic Outlook – 2022  The British Chambers of Commerce has downgraded its expectations for UK GDP growth in 2022 to 3.6%, from 4.2% in its previous forecast in December 2021 and…

BCC RESEARCH FINDS LITTLE LOVE FOR EU TRADE DEAL

·         71% of exporters say EU trade deal is not enabling them to grow or increase sales  ·         Only 1 in 8 exporters think it is helping them grow or increase sales  ·         Majority think it has pushed up costs, increased paperwork and delays, and put the UK at a competitive disadvantage.   New research* carried…

Responding to the Chancellor’s announcement on the cost-of-living crisis, Hannah Essex, Co-Executive Director of the BCC, said:

“While assistance for households is welcome, businesses will be dismayed at the lack of support for those firms also struggling with their energy bills.  Many have already been hit by steep rises, with further significant spikes expected as existing fixed tariff contracts come to an end in the coming months.   “Smaller firms are particularly exposed as they have…

New generation of exporters needed to power economic growth – BCC Trade Manifesto

The British Chambers of Commerce has set out its manifesto to recruit legions of new UK exporters as its research continues to show poor overseas trade growth: In Q4 of 2021, just over a quarter of exporting firms (29%) saw their overseas sales increase Almost half (47%) saw no change, and a quarter (24%) reported a decrease This is despite substantially more firms reporting improved domestic conditions,…