UK inflation sees businesses face worst economic environment in decades

Wednesday 22 June 2022

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

“Data released today shows that inflation in the UK has reached a new 40-year high of over 9%. With the cost of doing business skyrocketing, businesses – especially those in London – risk unsustainable trading conditions. A combination of spiralling energy prices, high rent and tax, crippling workforce shortages, and supply chain issues mean that business face the worst economic environment in decades.

“The UK is set to be the worst performing economy in the G20 over the next year. We need decisive action from the Government which will support businesses. In this climate, the Government must reverse its decision to put up National Insurance and halt the corporation income tax rise. The Government must recognise the extent of the challenges facing British businesses and act accordingly.”

ENDS