The picture for global trade in the first quarter of 2023 is creating serious challenges for UK exporters, with a drop off in services as well as goods.
The picture for global trade in the first quarter of 2023 is creating serious challenges for UK exporters, with a drop off in services as well as goods.
“The first estimate of GDP for Q1 2023 of 0.1% growth indicates the UK is avoiding a recession and shows the resilience of businesses who are having to weather serious headwinds."
The decision to raise the interest rate for the 12th consecutive time to the highest rate since 2008 shows the Bank is continuing to pull this lever hard as the rate of inflation remains stubbornly high. But interest rate rises can also have serious negative effects too, particularly for firms looking to borrow to manage their cash flow problems.
Firms will breathe a huge sigh of relief that steps are being taken to reduce the cumulative burden of red-tape that has placed a stranglehold on their ambition and ramped up cost. But they have also been worried about the headlong rush towards the sudden removal of vast swathes of legislation overnight, that could make it harder to compete internationally.
It is good news to hear that the free trade agreements with Australia and New Zealand will finally come into force at the end of the month. These deals will lower tariffs, simplify customs procedures, allow for greater freedom of movement for labour and provide stronger market access for the UK’s world-leading services sector
The BCC welcomes the clear and well-evidenced proposals for reform of access to the UK labour market set out in the latest House of Lords' European Affairs Committee report.
Over the past few months, the BCC has consistently put forward a strong business case to remove the uncertainty caused by an imminent sunset clause for retained EU law.
A survey of more than 5,000 UK firms of all sectors and sizes by the British Chambers of Commerce (BCC) reveals businesses are still facing record high difficulties in hiring new staff.
The British Chambers of Commerce (BCC) is delighted to announce the appointment of Richard Collier-Keywood to the organisation’s board.
“Today's CPI rate of 10.1% means that prices continue to rise at an alarming rate. Driven largely by housing and food costs, this is on top of an already high growth rate from this time last year."