In a letter addressed to the Prime Minister, Chancellor of the Exchequer and both leadership candidates for the Conservative party, the body called for extra support for both businesses and households as the UK sits on the brink of a recession.
BCC research has shown that over the last 18 months, businesses have faced “unprecedented inflationary pressures”, with two thirds of firms in Q2 2022 expecting further price rises. Energy bills, raw materials, and labour costs are all cited as the top drivers of price rises.
The study also found a reduction in the percentage of firms expecting to grow in the next twelve months, from 63 per cent in Q1 to 54 per cent in Q2. In January, some 23 per cent of businesses surveyed were looking to scale down or even consider closure in response to rising costs.
BCC director general Shevaun Haviland, said: ““Since the start of 2021 we have been repeatedly hearing the same message: the cost-of-doing-business is increasing...