Wednesday 14 December 2022
Richard Burge, Chief Executive of the London Chamber of Commerce and Industry (LCCI), said:
“Despite the drop in the rate of inflation announced this morning, prices will remain incredibly high for several more months for households and businesses.
“Inflation is uniquely high in London - our recent research found that 60% of London businesses identify rising inflation as a key threat to economic activity. Despite welcomed signs we are past the peak, many businesses will still be concerned for their futures.
“One of the key drivers of inflation is high energy costs and as the days get colder, the pressure of rising energy costs will impact small businesses more acutely than larger businesses who have the cash reserves to protect themselves in scenarios such as these.
“Businesses are facing a cliff edge in April 2023 when the Business Energy Price Cap is set to end and we urge the Government to outline continued support for businesses. Getting out of the cold should not mean going into the red.”
ENDS