The British Chambers of Commerce (BCC) warns that UK businesses are facing a "perfect storm" of cost pressures that may fuel inflation, amid rising household bills. Factors like a national insurance hike and minimum wage increases, in addition to tariffs from the US, suggest that over half of businesses may raise their prices soon. While the recent UK-EU trade deal offers hope, firms require clarity on future tax policies to foster investment and counter inflation's impact. The BCC calls on the government to expedite support to businesses to navigate these challenges effectively.
Businesses are facing a perfect storm of cost-pressures which is fuelling inflation alongside rising household bills. While April's jump was expected, the scale, to 3.5%, is concerning.
With the national insurance hike, minimum wage rise and global tariffs, our research shows 55% of businesses are expecting to put up prices in the coming months.
Firms urgently need to see a clear tax roadmap identifying when the burdens of national insurance and business rates will ease.
But with inflation clouds gathering, the Government must accelerate efforts to help business, not ease off.
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