Wednesday 19 October 2022

Richard Burge, Chief Executive of the London Chamber of Commerce and Industry (LCCI), said:

“We are alarmed, but not shocked, by the ONS figures today that show inflation has once again reached a 40 year high. We are living through tumultuous and uncertain times and the UK’s economic stability is being threatened from almost every angle.

Businesses, especially SMEs, will be struggling to shoulder the weight of increased costs of doing businesses and in turn will not be investing in their growth. Now is a critical moment for businesses, there must be no further cuts to business support.

At the end of the month, the new Chancellor will present his ‘medium-term’ fiscal plan – but we urge the Government to look further ahead and implement a long-term and strategic plan that inspires macro-economic stability and productivity.”

ENDS