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BCC: Interest rate rise ill-timed as economic outlook weakens

While interest rates remain low by historic standards, the latest rise will be viewed by many as a further step in a prolonged period of aggressive monetary tightening at a time when consumers and businesses are struggling under a myriad of rising cost pressures.

Spring Statement: Chancellor must act now to ease ‘cost of doing business crisis’

The British Chambers of Commerce is urging the Chancellor to take bold and decisive action in his Spring Statement to tackle the escalating cost of doing business crisis.

BCC: Risk of recession rising as headwinds mount

Russia’s invasion of Ukraine has increased the risk of a recession in the UK by exacerbating the already acute inflationary squeeze on consumers and businesses and derailing the supply of critical commodities to many sectors of the economy.

BCC Forecast: UK economic growth to halve this year as domestic & global headwinds soar

UK economic growth is expected to halve this year amid soaring inflation, major tax rises, and global shocks - including Russia’s invasion of Ukraine.

The conflict in Eastern Europe and what it means for UK energy supply

The invasion by Russia of Ukraine is an appalling act of aggression with terrible loss of life and displacement of potentially the largest number of people in Europe since World War II. One impact of the aggression is likely to be a significant impact on the UK’s energy supply. Energy – specifically oil and gas – is one of Russia’s key exports into Europe as it supplies much of the continent’s oil and gas.

SURGING INFLATION A KEY RISK TO UK GROWTH PROSPECTS

Rising inflation highlights both the cost-of-living crisis facing households and the uphill struggle for businesses to keep a lid on price rises amid surging cost pressures.

BCC: Record GDP growth doesn’t reflect the reality on the ground

While UK GDP growth held steady in the fourth quarter, the resilient headline figure masks a loss of momentum in the quarter from a strong November outturn to a fall in output in December as Omicron suffocated activity.

3 in 4 Firms Raising Prices as Chancellor warned of ‘Cost of Doing Business Crisis’

BCC has warned the Treasury of an impending ‘cost of doing business crisis’. A new survey of more than 1,000 businesses, showed that firms across the country are under intense pressure from a variety of costs. It found that prices were likely to rise as a result, further fuelling the cost-of-living crisis for households.

RAISING INTEREST RATES UNLIKELY TO CURB INFLATION, SAYS BCC 

While expected, the decision to raise interest rates will cause considerable consternation among households and businesses given the mounting cost pressures and soaring energy bills many are facing.

BCC  says inflation will climb further in months ahead

Inflation will continue to soar in the coming months as surging energy prices, rising raw material costs and the reversal of the VAT reductions for hospitality push it well above 6% by April.