Wednesday 17 January 2024
In response to the latest inflation figures from the ONS Karim Fatehi MBE, Interim Chief Executive of the London Chamber of Commerce and Industry (LCCI), said:
“The surprise rise in inflation for December 2023 will cause concern for many businesses that are already battling high operating costs, particularly in London. LCCI’s latest economic survey highlighted that inflation remains the number one concern for London businesses.
“The rise will likely cause consumers to tighten their purse strings in the first instance, which in turn will have a detrimental effect on the retail, hospitality, tourism, and travel sectors in London.
“To avoid entering into a cycle where unexpected rises in inflation disrupt UK growth and productivity, the Government must look further ahead and implement a long-term, strategic policies that inspire macro-economic confidence and drive productivity growth. The Government must also address the high cost of finance that disproportionately impacts British SMEs – partly a consequence of higher interest rates. We look forward to the Spring Budget and hope that it will reflect the support needed for businesses.”
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