Responding to the news that the rate of inflation has risen to 11.1% this month, up from 10.1% last month, the Federation of Small Businesses’ (FSB) Scotland Policy Chair Andrew McRae said: “That inflation has risen yet again and is now at a forty-year high is a body blow to small business owners and their customers right across Scotland. We have known for a long time that businesses have seen their costs rocket and that they have done everything in their power to avoid passing all of these increases on to their customers. Despite their best efforts, though, something has to give.
“Either more of these costs will need to be passed on to consumers or cuts will be needed elsewhere. It’s therefore essential that tomorrow’s Autumn Statement sees the UK Government avoid measures which will add to firms’ overheads so that they can keep prices under control while maintaining staff numbers and keeping the business viable.”