UK news – Over half of businesses plan to raise prices in the next three months.

British Chambers of Commerce (BCC) survey of more than 4,800 firms in the UK.

Not pleasant reading.

In brief:

• UK business confidence has plummeted to its lowest level in two years due to rising costs and taxes
• 63% of firms are worried about taxes, the highest since 2017, driven by national insurance hikes and a higher National Living Wage.
• Over half (55%) of businesses plan to raise prices in the next three months (up from 39% in the previous survey).
• Weak growth figures and policy changes have left businesses feeling unsupported, with many cutting back on investment and staffing.

BCC warns the Budget measures are pressuring firms and dampening confidence, potentially stalling economic recovery.

If you want more, here is the BBC report on the survey results.

This article was written by Eamonn Sheridan at www.forexlive.com.