West Midlands businesses share concerns on 'mounting cost pressures' with Bank of England
Business leaders updated the Bank of England on the challenges facing their companies including the impact of National Insurance increases at a live event organised by the Black Country Chamber of Commerce.
The session, which took place at the University of Wolverhampton Science Park on Tuesday (March 25), enabled Gold, Platinum and Patron Chamber members to join Bank of England Agent for the West Midlands and Oxfordshire Graeme Chaplin to share their views of the economic picture in the region.
At the session, held every quarter, Mr Chaplin provided a presentation on the central bank’s economic outlook including data on the latest trends for interest rates and inflation, as well as national projections for growth.
“The meeting between the region’s Bank of England representative and Chamber members offered a unique dialogue on the critical challenges facing our region’s businesses," said Chamber of Commerce CEO Sarah Moorhouse.
“From the mounting pressure of National Insurance contributions to rising operational costs, retailer struggles and sector-specific uncertainties, our members continue to navigate a complex economic landscape, not just to survive but to thrive.
“The Chamber of Commerce is actively lobbying on behalf of its members at a regional and national level to seek answers to the questions and concerns raised. With much uncertainty, together we are stronger to face the challenges that lie ahead.”
Businesses from sectors including manufacturing, retail and recruitment shared concerns including the impact of the National Insurance rises and their plans to mitigate these costs, as Bank of England data showed the issues of most concern nationally included price increases, the reduction of non-labour costs and lower wage growth.
The next Bank of England event is due to take place online on June 24. Gold, Platinum and Patron Chamber members can sign up at www.blackcountrychamber.co.uk/events
