New research by the BCC has uncovered that the vast majority of businesses are unaware and unprepared for a swathe of fast approaching changes in EU/UK regulations.
New research by the BCC has uncovered that the vast majority of businesses are unaware and unprepared for a swathe of fast approaching changes in EU/UK regulations.
The BCC marginally upgrades its 2023 GDP forecast to 0.4%, but economic activity will remain very weak throughout 2024 and 2025.
The BCC has called for action to improve the availability of finance for SMEs as accessibility, awareness and a lack of competition continue to hold firms back.
The British Chambers of Commerce is calling for urgent action from politicians to stimulate economic growth across the UK. Among the key asks: Better planning for business so that firms are not squeezed out of towns and cities. Introduction of flexibility in the apprenticeship levy to support everyone in the workplace. Strengthened UK-EU co-operation to increase bi-lateral investment levels. Dramatic energy grid upgrades to ensure there is sufficient network capacity to meet modern needs.
Businesses will be pleased with this much needed clarity as they prepare for the challenging shift to a digital trade system
The British Chambers of Commerce has called for an integrated national plan from government on transport infrastructure, focused on at least the next 20 years. In written evidence to the Transport Select Committee, the BCC said weaknesses in the current system are creating barriers for business, hindering growth, and slowing down the progress towards Net-Zero.
Reacting to the latest inflation data from the ONS, Alex Veitch, Director of Policy at the British Chambers of Commerce, said: “Today’s news that consumer price inflation continued to ease in July is encouraging. However, this comes off the back of months of high prices which have hit business hard. Many firms have yet to see the cost of raw materials fall.
Reacting to the latest ONS labour market figures, Jane Gratton, Deputy Director, Public Policy at the British Chambers of Commerce said: “Today’s figures showing pay growing at a record annual pace highlight the unrelenting workforce pressures businesses are facing. In a tight labour market, employers are struggling to contain wage inflation as the expectations of their staff and job candidates continue to rise.
There was a noticeable fall in the momentum of UK services exports in Q2, down by 3.9%, following a period of reasonable growth in 2021 and 2022. Unfortunately, this was also coupled with a further fall in UK goods exports to the EU.
Reacting to the latest GDP data from the ONS, David Bharier, Head of Research at the British Chambers of Commerce, said: “Today’s first estimate for Q2, showing GDP grew by 0.2% is better news than expected, but the UK economy remains in a precarious place. Businesses are continuing to face a worrying mix of high inflation, rising interest rates, a tight labour market, and global economic uncertainty.