Business needs to see a deeper policy understanding from Government on how it plans to steer the economy towards Net Zero by 2050. Firms wants greater certainty about the new technologies, systems and services that will form the foundations of the UK's pathway to Net Zero.
High inflation, high interest rates and slow growth will be a lethal combination for many. Fundamentally, solutions need to be found beyond the interest rate lever.
Reacting to the latest ONS inflation figures, David Bharier, Head of Research at the BCC, said: “Today’s CPI rate of 8.7% shows that inflation is remaining elevated for longer than expected. After 18 months of price shocks, the impact of sustained inflation remains the top issue for the vast majority of firms we speak to. What started as a commodity price shock has now created a wage-price spiral. "
If we are to build a stronger, more digital and sustainable trading future then it is crucial we look at all the possible ways we can do that.
The recovery in UK goods exports to the rest of the world in April after a disappointing first quarter of 2023 is welcome, but needs to be sustained. However, trade with the EU remains weak.
Today's GDP figure of 0.1% growth for the three months to April further indicates the UK economy is trapped on a low-growth trajectory.
Business says a partnership with Government is vital to meet the UK’s commitment to be Net Zero by 2050. The proposal is a centrepiece of a new report from business leaders which recommends how we successfully transition to a Net Zero economy.
Reacting to the latest ONS labour market figures, Jane Gratton, Head of People Policy at the British Chambers of Commerce, said: “While it is positive to see unemployment remaining low, the labour market continues to be incredibly tight, bringing it with it additional problems and costs for employers. "
The British Chambers of Commerce (BCC) upgrades its 2023 GDP forecast to 0.3%, but economic activity will remain weak throughout the year, according to the organisation’s latest Quarterly Economic Forecast.
This is an important milestone in developing ever closer trade, investment and economic relations between the UK and the US. Outside of the EU, the United States is the biggest export market for our firms, and the commitments the Declaration provides will open up new opportunities.