Given the numerous cost pressures and global economic uncertainties many business many business owners will see this weeks interest rate cut as a welcome relief.
Since the Autumn Budget, the Chamber has noticed a significant drop in business confidence, with fewer firms, expecting to increase turnover over the next twelve months.
The Bank’s report mentions data that resonates with our local business community, and their GDP forecast aligns with what the chamber is seeing in the market. We believe policymakers need to act swiftly and collaborate with businesses to rebuild our confidence and stimulate growth.
Business owners are grappling with various challenges. Domestically, they’ll soon be facing increased tax bills and rising employment costs due to upcoming national insurance and minimum wage hikes. Internationally, the threat of a trade war could adversely affect many UK importers and exporters, likely contributing to higher inflation throughout the year.
The government needs to pull every lever possible to alleviate the cost pressures on firms and unlock investment opportunities. This includes accelerating business rate reform, supporting infrastructure projects, and enhancing trade opportunities.
