sarah-agnew-tKSdSJjb9zo-unsplash

WNYChamber reacts to latest inflation data

Responding to the latest inflation data, published by the ONS this morning, Mark Casci, head of policy and representation at West & North Yorkshire Chamber of Commerce, said: 

“A decline in the headline rate of inflation will be welcome to business leaders. However, there is concern that this is merely the calm before the storm over the months ahead.  

“Today’s data looks at the situation for March and excludes the impact of the minimum wage hike and national insurance rises, twin hammer blows for businesses, many of whom are already putting up their prices as they battle with rising employment costs.   

“Our latest Quarterly Economic Survey shows inflation to be a chief concern among businesses and this news means the Bank of England is likely to remain cautious over more interest rate cuts – just when firms are keen for some financial respite.  

“Businesses desperately need a reassurance from policymakers. We need business rate and national insurance pressures to ease and for infrastructure and exports to be prioritised.” 

Related content

Have your say on Manningham Lane upgrades

By Chamber Marketing | 9 June 2020

14-day quarantine for air passengers – BCC responds

By Chamber Marketing | 3 June 2020

Launch of the government’s Test and Trace programme – BCC

By Chamber Marketing | 27 May 2020

Have your say in our Q2 Quarterly Economic Survey

By Chamber Marketing | 22 May 2020

Phishing Scam Email Warning

By Chamber Marketing | 15 May 2020

Firms ready to embrace ‘new normal’ but government support must adapt

By Chamber Marketing | 14 May 2020