The British Chambers of Commerce (BCC) has urged Chancellor Jeremy Hunt to use
the upcoming Spring Budget to help ease cost pressures on small businesses.
Research carried out by the BCC revealed that 65% of firms are planning to raise
prices due to cost pressures. In addition, 47% of firms stated that paying their
energy bills will be difficult when the current energy support package ends.
The business group also found that 30% of businesses feel regularly troubled
about taxation and regulation.
Shevaun Haviland, Director General of the BCC, said:
'This snapshot of the state of play for business at the start of 2023 sets
out exactly why the Chancellor must act in his Budget to fuel investment in
the UK.
'We know we have a tough year ahead. With costs piling up on their doorsteps
and so much uncertainty on government policies, there is currently little
incentive for firms to risk either their dwindling cash reserves or fresh
loans on new projects.
'Firms know that the UK's finances are tight, but the Chancellor needs to
show more faith in the ability and talent of our businesses.'
Internet link: BCC website