The UK's businesses are facing a perfect storm of increasing costs and time is running out for the government to act, the British Chambers of Commerce (BCC) has warned.
In a recent speech, Shevaun Haviland, Director General of the BCC, highlighted the increasing costs of raw materials; supply chain and shipping issues; problems in recruiting people; and spiralling energy prices.
The BCC noted that inflation is at a 40-year high at over 9% and interest rates are climbing, dampening business confidence. It also stated that retail sales are continuing their downward trend.
Ms Haviland said: 'It really is the perfect storm of increasing costs, firmly putting the brakes on recovery.
'The Spring Statement was a missed opportunity. We saw some support for business, but the lack of a clear strategic direction meant it did not give clarity or confidence.
'This has to change as we are on limited time. The government has until the Autumn Budget to reset, rethink and get their house in order.'