The British Chambers of Commerce Quarterly Economic Survey for Q1 indicates that UK business sentiment remains fragile, impacted heavily by taxation and inflation concerns. With the rise in national insurance contributions imminent, 59% of surveyed firms have cited tax as their primary worry, a slight decrease from the previous quarter, while inflation concerns have risen to 53%. Confidence remains low across sectors, particularly in retail and transport, as many businesses anticipate raising prices amidst these pressures. The survey, conducted with over 5,000 businesses, suggests ongoing challenges in the economic landscape.
The British Chambers of Commerce Quarterly Economic Survey reveals that 59% of firms remain highly concerned about taxation, the second highest level recorded since 2017.
With inflation concerns rising to 53%, businesses are facing a challenging economic climate, primarily influenced by upcoming national insurance contributions and continued tax worries.
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