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BCC:  Stronger GDP growth in November unlikely to be sustained

The latest figures confirmed a significant uptick in growth in November, before the emergence of Omicron and the implementation of Plan B. This is likely to be followed by a modest fall in output in December and January, as consumer caution to socialise and spend, and mounting staff absences limit activity.

Quarterly Economic Survey Q4 2021: Recovery weakening as inflation worries soar

The BCC’s Quarterly Economic Survey (QES) – the UK’s largest independent survey of business sentiment and a leading indicator of UK GDP growth – has shown the recovery stalled in the fourth quarter, with firms facing unprecedented inflationary pressures.

BoE Raises Interest Rate - BCC Reaction

"The Bank of England’s decision to raise interest rates was surprising given mounting uncertainty over the economic impact of the Omicron variant."

BCC Reacts to Latest ONS Inflation Figures

It is concerning that inflation is outpacing wages and if this disparity continues to increase as we predict, real household incomes will be squeezed further, dampening consumer spending, and weakening overall economic activity.

BCC Forecast:  Trade to drag on the recovery as supply disruption weakens outlook

The UK economy will grow at a slower pace than expected with trade set to lag significantly behind the wider recovery, according to the British Chambers of Commerce’s (BCC) latest economic forecast. Concern over the Omicron variant is also expected to weigh on Q4 growth.

BCC RESPONDS TO LATEST ONS INFLATION FIGURES

Commenting on the inflation statistics for October 2021, published today by the Office for National Statistics, Head of Economics at the BCC Suren Thiru, said: “The latest data confirms that inflation is on a significant upward trajectory. “October’s upturn was largely driven by rising household energy costs following the increase in Ofgem’s energy price cap, rising fuel prices and the partial reversal of the VAT reductions for hospitality and tourism which drove up restaurant and hotel prices."

Four in five firms report rising prices as supply chain crunch continues

New BCC data released today from a survey of over 1,000 businesses has thrown sharp focus on the impact of skills and commodities shortages for UK firms, with spiralling prices in evidence.

BCC RESPONDS TO LATEST ONS GDP FIGURES

The latest data confirms that the UK’s economic recovery lost momentum in the third quarter as significant staff and supply shortages limited activity.

BCC gives full response to October 2021 Budget

While investments announced today will take time to bed in, Government should consider other action that will relieve immediate pressures, particularly on smaller businesses. This should include an urgent review of the shortage occupation list to allow for short-term visas in key sectors, and an SME energy price cap.

BCC gives initial response to October 2021 Budget

The Chancellor has listened to Chambers’ long-standing calls for changes to the business rates system and this will be good news for many firms.