The British Chambers of Commerce (BCC) and Bibby Financial Services (BFS) have revealed that uncertainty around Brexit, tariffs and exchange rate volatility are holding back the potential of many UK exporters.
The recent survey included 1,140 internationally active UK businesses, and found that general uncertainty around Brexit was considered the top barrier to export, listed by almost half (47%) of businesses, followed by specific concerns around tariffs and exchange rate volatility, listed by 35% and 33% respectively.
The British Chambers of Commerce (BCC), in partnership with independent business funder, Bibby Financial Services (BFS), has conducted one of the biggest surveys of business opinion since the referendum, amassing the views of over 2,500 firms from across the UK.
We found that nearly two-thirds of firms still aren’t preparing for Brexit – and in the event of a ‘no deal’ outcome many would cut investment and recruitment plans.
Reacting to today’s interest rate decision by the Shevaun Haviland, Director General of the British Chambers of Commerce said: “Businesses will be giving a cautious welcome to today’s decision by the Bank of England to hold the base rate at 5.25%. Constant hikes in the cost-of-borrowing have had a hugely detrimental impact on the firms we represent. "
If we are to meet the challenge of making the UK Net Zero by 2050 then we must have pragmatic goals, that business can be confident they will be supported to reach. Companies want to address climate change but cannot plan for future investment if the sands keep shifting.
Campaigners, including the BCC, have worked for years to have the Electronic Trade Documents Act passed, and its introduction is a huge milestone.
Today’s CPI rate of 6.7%, while proving stubborn, shows that inflation is continuing to gradually ease off. Producer price inflation (PPI) fell by 2.3%. This should give the Bank of England pause for thought with the interest rate decision tomorrow.
