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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."

The British Chambers of Commerce is calling for an immediate emergency budget to deal with the costs crises facing businesses and people throughout the country. It has developed a three-point action plan that would allow firms to keep a lid on rising prices, boost productivity and ease cost pressures.

Higher interest rates will do little to address the global headwinds and supply constraints driving the inflationary surge. It also raises the risk of recession by damaging confidence and intensifying the financial squeeze on businesses and consumers.