Inflation, interest rates and business rates are the top 3 factors affecting business, with 63% of businesses indicating that they are under price rise pressures from payment settlements. The results were identified on behalf of the Thames Valley Chamber of Commerce in the most recent Quarterly Economic Survey (QES).
The longest running business survey in the UK is produced by the British Chambers of Commerce (BCC), with Accredited Chambers of Commerce across the nation. The Thames Valley Chamber compiles a regional specific report every quarter, which gives a contemporary and unique economic overview of business sentiment and confidence across the region from Slough to Swindon, Banbury to Bracknell.
For successive quarters Thames Valley respondents have highlighted recruitment as an issue for their business, and this is impacting companies of all sizes and from all sectors, with 80% having experienced difficulties in recruitment.
Paul Britton, CEO, Thames Valley Chamber of Commerce commented: “The continuing level of resilience that our business community shows is remarkable. Our members and the wider business community are operating in challenging market conditions, managing the increasing cost of energy, labour and raw materials. Results show that 60% of businesses sharing that they are expecting the price of their goods and services to increase and are suffering pressures to raise prices.”
“I am struck by the ‘pack-mentality’ that our members are demonstrating across the region, working together with the Chamber to share and co-develop solutions, a find new business opportunities. The survey results are incredibly important to us as they provide the key messages for all Chambers to lobby Government and influence policy decisions.”
The report was published on Tuesday 24th January alongside the briefing, with speakers Clare Hawthorn, Director – Business and Outsourcing and Carole Le Page, Tax Partner BDO UK LLP, David Bharier, Head of Research at the British Chambers of Commerce and Feisal Meeajaun, Owner of The Berkshire Channel giving valuable insights from both a national and regional perspective.
