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The British Chambers of Commerce (BCC) has urged the Chancellor Rishi Sunak to take ‘bold and decisive action’ in his Spring Statement in order to tackle the cost of doing business crisis.
As global and domestic headwinds mount following the invasion of Ukraine, the BCC says Mr Sunak must act now to protect the UK from a renewed economic crisis. The call comes as businesses are increasingly reporting a crippling burden from a myriad of cost pressures, including rising raw material costs, soaring energy bills and other overheads.
Shevaun Haviland, Director General of the BCC, said: ‘The Spring Statement is taking place against a backdrop of soaring uncertainty surrounding both the UK and global economy, so a business-as-usual approach from the Chancellor simply won’t cut it.
‘Business confidence is on the floor. Coming so soon after a COVID-induced squeeze on cashflow and investment plans, the cumulative effect of rising raw material costs, soaring energy bills and other overheads are causing many firms to take cost reduction measures. This is weighing down on their ability to invest, recruit and grow.’
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