Chamber demands action over 9% inflation crisis

BUSINESSES across the region and beyond are calling on the Government to take immediate action after news that the cost of living has soared to a 40-year high as the crisis continues for millions across the country.

And commenting on today’s announcement by the Office for National Statistics of the rocketing UK inflation rate of 9 percent, Hampshire Chamber of Commerce Chief Executive and Executive Chairman Ross McNally said: “Inflation reduces businesses’ ability to invest, operate at full capacity and accommodate wage growth.

“We are in a period where the costs of doing business appear to be rising every month, due to higher energy bills and supply chain impacts.”

“In the hospitality sector, the reversal last month of the VAT reduction introduced to mitigate the impact of the pandemic will have a particular knock-on effect from now.

He continued: “Across all sectors, the scale and pace of inflation is a major concern. We call on the government to take immediate action and intervene to address the worst cost pressures on businesses.”

Even if measures were only until the next financial year, it would alleviate some of the most acute uncertainty our members and businesses across the country are facing. Intervention now should be designed to encourage investment and growth and underpin long-term strategy to drive productivity across all sectors.”

“Sustainable business activity is the only way the UK will continue to ensure economic stability and revenues for the public purse.”

PICTURED AS PART OF PRESS RELEASE: Hampshire Chamber of Business Commerce chief Ross McNally