News

RATES HELD AMID GROWING PRICE PRESSURES

Reacting to the latest interest rate decision, Stuart Morrison, Research Manager at the British Chambers of Commerce, said:

“With inflation ticking up and wage growth accelerating, it’s unsurprising the Bank of England is adopting a cautious approach by holding interest rates at 4.75%

“Our recent forecast suggests further cuts next year, but with economic clouds gathering, the path to lower borrowing costs is by no means clear.

“The pressure cooker of business [...]

INFLATION JUMPS AS BUSINESSES FACE MOUNTING COSTS

Reacting to the latest inflation data released this morning, David Bharier, Head of Research at the British Chambers of Commerce, said:

“A slight ticking-up of the CPI to 2.6% shows that inflation remains a threat to the UK economy. The Bank of England is likely to remain cautious and hold the interest rate tomorrow lunchtime.

“Our research shows that taxation and inflation remain the top two concerns for businesses. Many businesses think the recent announcements such as [...]

GENERAL PRODUCT SAFETY REGULATION – YOUR KEY QUESTIONS ANSWERED

The General Product Safety Regulation came into force on December 13, 2024 and places new responsibilities on British companies exporting to the EU, European Economic Area (EEA) and Northern Ireland (NI).

William Bain, the BCC’s Head of Trade Policy, answers the key questions about the new legislation.

What does it do?

The legisliation places new requirement on certain, but not all, goods exporters in Great Britian to the EU, the EEA and NI1.

The General Product [...]

WAGE PRESSURE A HEADACHE FOR FIRMS

Reacting to the latest ONS Labour Market data published this morning, Jane Gratton, Deputy Director Public Policy said:

“News that wages have been rising faster will be a concern for businesses as they continue to grapple with the huge increase in employment costs announced in the autumn Budget. The unemployment rate remains unchanged, showing ongoing challenges in the labour market.  Higher employer National Insurance Contributions and an increase in the national living wage from [...]

ECONOMY STUTTERS WITH EXTRA BUSINESS COSTS APPROACHING

Reacting to the latest GDP data released this morning, David Bharier, Head of Research at the British Chambers of Commerce, said: 

“With growth of just 0.1% in the three months to October and an unexpected fall in the monthly GDP, the UK economy was already fragile ahead of recent policy announcements.

“The full impact of the Budget since then is yet to be seen. However, our research has already shown a spike in anxiety over tax and employment policy. Many businesses are [...]

Chancellor Meets BCC Business Council

Chancellor, Rachel Reeves, met with the British Chambers of Commerce (BCC) Business Council this morning (Wednesday 11th Dec), to discuss October’s Budget and the Government’s long-term plans to boost growth. 

The event was an opportunity for the senior business leaders to raise the impact of policy measures, including the rise in employer national insurance contributions, directly with the Chancellor.

She received ideas from council members on the Government’s [...]

UK Must Reform For Challenging New Trade Era

A new Global Britain report from the British Chambers of Commerce is urging the Government to get the UK match fit for a more fractious era in trade.  

The report has 26 recommendations focussed on export growth, trade alliances, investment and economic diplomacy, regulatory reform and infrastructure. 

Its top asks include: