Open

Latest news

Explore insightful perspectives and expert advice on finance

Home |Latest news |Business groups comment on latest inflation figures

Latest news

Browse by category
Business News

Business groups comment on latest inflation figures

April 14 2022

Business groups, including the Confederation of British Industry (CBI), the Federation of Small Businesses (FSB) and the British Chambers of Commerce (BCC) have commented on the latest data published by the Office for National Statistics (ONS), which revealed that inflation rose to 7% in the year to March.

Alpesh Paleja, Lead Economist at the CBI, warned that the latest rise 'will not be the last'. He said: 'We'll see another jump over April, as the rise in Ofgem's energy price cap comes into effect. Beyond this, volatility in global commodity prices and ongoing supply chain disruption will continue to stoke price pressures. The result will be even higher costs for businesses, and a deep squeeze in the cost-of-living for households.'

The FSB stated that lots of UK small businesses 'are left with no choice but to put up prices'. Martin McTague, Chair of the FSB, said: 'The cost-of-living crisis starts with a cost of doing business crisis.

'Surging input price inflation for firms comes on top of rapidly rising energy costs, emergency debt repayments kicking in, tax increases and the end to COVID support measures, not least targeted VAT relief.'

The BCC suggested that soaring inflation has 'raised the prospect of a notable slump in economic output'. The business group said: 'The government must provide urgent financial support through the expansion of the energy bills rebate scheme to include small firms and energy intensive businesses, and an SME energy price cap to protect smaller firms from some of the price increases.'

Here to help

Please complete the form below and our expert team will be in touch.

  • Contact details

    • *
    • *

  • What services are you interested in?

    • *

  • Message

    • *

  • Which location would you like to contact?

  • Communication

    • *Indicates a required fields.†At least one form of contact is required.

      By submitting this form, you agree that Attwoods can process your information in order to respond to your enquiry. For more information visit our Privacy Policy.

Bromsgrove
Bromsgrove

Attwoods is proudly based in the historic market town of Bromsgrove, Worcestershire

  • 182 Worcester Road
  • Bromsgrove
  • Worcestershire
  • B61 7AZ
Call us01527 874170
Learn more about BromsgroveGet in touch
Evesham
Evesham

Attwoods is proudly based in the picturesque town of Evesham, Worcestershire; nestled in the heart of the Vale of Evesham

  • 90-92 High Street
  • Evesham
  • Worcestershire
  • WR11 4EU
Call us01386 424388
Learn more about EveshamGet in touch
Pershore
Pershore

Attwoods is proudly based in the Georgian market town of Pershore, Worcestershire.

  • Perrott House
  • 17 Bridge Street
  • Pershore
  • Worcestershire
  • WR10 1AJ
Call us01386 554870
Learn more about PershoreGet in touch
  • Xero Logo
  • Gold Partner Logo
  • Sage
  • QuickBooks Platinum

The practices of Attwoods are carried on by Attwoods Accountants Limited, Attwoods Business Services Limited, Attwoods (Bromsgrove) Limited. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.