The addition of the UK to this trading bloc takes it to 12 countries which account for 15% of global economic output. It will open up new opportunities for business in both inward and external investment with the other 11 countries. There are not many multi-national trade agreements like this one, so it is an interesting new prospect.
As businesses face an 85% decrease in energy support from tomorrow, the British Chambers of Commerce (BCC) has highlighted the need for an energy support contingency plan, and is calling for increased, targeted help for firms who desperately need it.
The government has grasped the scale of the climate challenge with a wide-ranging plan to boost green energy production. But there is a gap around business energy use. To meet the UK’s ambitious 15% energy efficiency target, firms will need help to install vital measures such as insulation, energy management systems and renewables.
Factors such as the availability of quality public infrastructure and access to skilled labour are entrenching a rural-urban divide among UK SMEs.
The joint EU and UK decision to give formal effect to the Windsor agreement is another important step in improving trading conditions between Great Britain and Northern Ireland.
“Today’s decision to increase the interest rate indicates the Bank are still pursuing strong action following yesterday’s surprise rise in inflation. Record high inflation remains the top issue of concern for SMEs, and it has been wiping out their ability to invest and grow for almost two years now."
An unexpected rise in the CPI rate to 10.4% indicates that the UK economy is still in the midst of a stubborn peak. The main drivers of inflation - restaurants and hotels, food, and clothing – confirm the pressure we see on the hospitality and retail sectors.
“Once again Government has failed to understand that the energy crisis for businesses and households are two sides of the same coin. Extending the Energy Bills Relief Scheme for households is hugely welcomed, but with reduced support for businesses planned form April, and no sign of further support, many will be reliving the anxiety they were facing a few months back."
“The Chancellor has acted to address the unfilled jobs blighting our economy. It is especially good to see the help on childcare and for over 50s workers. The plans for full capital expensing are also a step in a right direction to offset the rise in corporation tax, but the jury is out on how it will impact businesses compared to the Super Deduction scheme."
The renewed commitments to tackling climate change, sustainable development, and economic empowerment of women are all welcome in the Review. On Europe, it takes account of the impact of the War in Ukraine, for both the economy and supply chain security. UK businesses stand ready to assist in the reconstruction of Ukraine with investment, and offers of technical and business expertise.