Chamber reacts to latest ONS inflation data

Reacting 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:   

“The latest data from the Office of National Statistics shows that inflation is not going to stop being an issue for employers any time soon.

“Inflation has consistently been cited as second only to taxation as one of the principle issues facing UK businesses and is an area in which Britain remains an outlier when compared to the rest of the G7 where it remains under control. 

“Today’s CPI rate of 3.8%, coming in lower than expected, could provide some reassurance that we are at the peak, as expected by the British Chamber of Commerce and Bank of England. However, the picture is mixed.

“Taken with the Employer National Insurance Contribution increases, sky high labour costs and increasing energy bills it is, quite simply, a hugely expensive time to run a business.

“That is why we have been clear to Government that any further tax hikes on employers on the November 26 Budget will only exacerbate the country’s economic woes and lead to a downturn in investment and employment when the UK can afford it least.”