Firms to increase prices amid ‘pressure cooker of rising costs and taxes’
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Businesses are already cutting back on investment and say they will have to put up prices in the coming months Shevaun Haviland, British Chambers of Commerce Chancellor Rachel Reeves said companies will have to pay more in national insurance contributions, while also raising the minimum wage. The survey also found business confidence has fallen since the spending statement, with 49% of firms saying they expect turnover to grow in the next year, down from 56% last year. “Businesses are already cutting back on investment and say they will have to put up prices in the coming months.” Raising prices would increase the rate of inflation, which fell sharply from record highs in 2022 but rose again in the final months of last year.
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