We welcome the first Memorandum of Understanding reached between the UK and a US state - the Hoosier state - Indiana. Traders in the UK will hope this is the first stage in a process, with both State Houses and the US Federal Government, that leads to a clear boost to UK exports.
The sheer scale of the cost-of living crisis facing the British public means the Government is absolutely right to provide additional support to those worst affected. For business, the toxic mix of inflation, raw material costs and supply chain disruption is the flip-side of the coin to the problems facing consumers. Unless steps are also taken to ease business costs, they will likely feed into the inflationary pressure on the economy and quickly eat into the financial support announced today.
The BCC is urging negotiators to set an ambitious new agreement that focuses on the growing market in green trade, as well as future proofing access for further expansion in services.
Four out of five employers (81%) say they have been impacted by the increase in national insurance contributions Higher prices, reduced investment and increased staff costs were among the main effects cited
The jump in UK inflation in April is eye-watering and underscores the growing cost-of-living crisis facing households and the damaging squeeze on firms' ability to invest and operate at full capacity.
Although payroll employment continues to rise and the unemployment rate is falling, the headline figures reflect several distorting factors, including rising economic inactivity.
March 2022 saw a modest but welcome rise in UK exports led by an increase in sales of fuel. But the overall picture remains patchy compared with 3 or 4 years ago.
Markedly slower growth confirms an alarming loss of momentum for the UK economy in the first quarter, from a strong January outturn to a decline in output in March as surging inflation increasingly weighed on activity.
The two free trade agreements will offer improved trading terms for UK exporters once in force.
“Today’s Queen’s Speech had some welcome measures for business, but unless the Government takes immediate action on the economy, they will come too late to help many firms."