Local Economy of the Future
Local Economy of the Future
Businesses drive economic growth
Building British Business: Making Britain the best place to build and grow a business
Thriving businesses create a thriving economy that funds our public services and supports the most vulnerable members of society.
Economic growth must be a core objective for any government, in order to drive prosperity for people across the United Kingdom. At its heart, this growth must be driven by local communities and the businesses within them.
Small and medium-sized enterprises (SMEs) account for 99.9% of the UK’s business population, three fifths of the employment, and around half of private sector turnover. The UK also has a booming entrepreneurial spirit which has the potential to transform our country into a global economic powerhouse; 64% of our workforce dream of starting their own business.
This hub contains information and resources developed by the BCC to support businesses in growing.
how chambers of commerce support businesses in the uk
Embedded within local business communities, the Chambers’ unique perspective gives us unparalleled insight into British and global business – every sector, every size, everywhere.
The BCC works with Chambers, which are non-profit organisations, to drive economic change from the ground up. Our bottom line is helping companies, places and people across the UK achieve their potential.
Many of the key UK economic indicators are flashing red. Issues such as record-high inflation, rising interest rates, spiralling energy costs and a possible recession are challenging the growth and survival of British businesses.
The latest research from the BCC shows only one in three firms believe they will see their profits increase over the coming year, with sales down across all sectors. We have a plan to get back to growth, with measures designed to unlock the full potential of British businesses, including:
Energy costs are a top concern for businesses and are driving inflation. Government must provide more certainty on the energy support and facilitate a dramatic improvement in business energy efficiency and use of renewables, to help insulate firms against soaring prices.
Future of the High Street:
All business are under tremendous cost pressures. To help safeguard communities and local jobs, the government should reduce the overall cost of doing business. Reform of Business Rates and finding a fair and equitable way to tax online sales are two key ways of relieving the financial burden on our businesses, which Government must urgently take action on.
Current planning policy is acting as a barrier to growth. There should be a clearer role for the Planning Inspectorate to scrutinise the employment land component of all local plans, with dedicated employment land expertise. There should also be increase resources for local planning authorities.
The British Chambers of Commerce run the UK’s leading research programme on business sentiment and economic conditions. Below are some of our unique data, evidence, and insights:
- Quarterly Economic Survey – closely watched by policymakers such as the Treasury, the Bank of England and the Office of Budget Responsibility, this is the largest and most representative independent business survey of its kind in the UK.
- Quarterly Economic Forecast – this sets out our analysis and projections on a number of key UK economic indicators including GDP, trade, unemployment, and inflation and was ranked in the top four most accurate UK economic forecasts of 2021 by the Sunday Times.
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