Economics

Our Director General has reaffirmed the BCC's commitment to work in partnership with Government, during talks with the Chancellor.

Businesses will be pleased to see that inflation remains close to target, despite a small rise in the CPI rate last month.

Today’s data indicating a 2% increase in the CPI rate shows the UK is exiting its three-year inflation crisis and makes a bank rate cut more likely.

The UK has had a strong start to the year and today’s data showing 0.9% growth in GDP in the three months to May is better than expected.

Today’s decision was widely expected, and it’s clear the Bank of England is taking a cautious approach before making a much-anticipated rate cut.

Today’s data showing CPI easing to the Bank of England’s 2% target, is a further sign that the UK is exiting the inflation crisis which began in late 2020.

While the broader trend is ticking up, downside risks remain. Many businesses we speak to are still held back by skills shortages, high borrowing costs, and trade barriers with the EU.