British Chambers of Commerce – 3 in 4 businesses already raising prices
This morning, a survey by the British Chambers of Commerce suggested that rising energy bills and staff wages are pushing most businesses to increase prices for customers. The business lobby group said three in four firms were raising prices due to higher costs, while half of the 1,000 asked were looking to cut spending.
David Marshall, Senior Director, SME Solutions at Dun & Bradstreet UKI: “The cost of living in the UK is rapidly increasing due to rising energy prices, taxes, inflation and a national insurance price hike, which is creating even more pressure on consumers and, as the British Chambers of Commerce has revealed – a knock-on effect to businesses. This could particularly impact small businesses, who make up the majority of the UK’s private sector and play a major role in the UK’s economy. SMEs may see even more demands from employees for pay rises, while their customers might be looking to tighten their budgets to account for these mounting costs. That’s why it’s especially critical during challenging times for small businesses to have a view of the health of their business and other businesses they are dealing with. This visibility of business relationships can be an effective way to help manage cash flow and assess any impact on future growth. By using data and predictive analytics to gain a detailed understanding of factors such as previous payment behaviour of customers and a view of future performance, businesses can mitigate the potential impact that rising costs can have on their cash flow and plan accordingly.”