The British Chambers of Commerce (BCC) has urged Chancellor Jeremy Hunt to use the upcoming Spring Budget to help ease cost pressures on small businesses.
Research carried out by the BCC revealed that 65% of firms are planning to raise prices due to cost pressures. 47% stated that paying their energy bills will be difficult when the current energy support package ends.
The business group also found that 30% of businesses feel regularly troubled about changes to taxation and regulation.
Shevaun Haviland, Director General of the BCC, said: ‘This snapshot of the state of play for business at the start of 2023 sets out exactly why the Chancellor must act in his Budget to fuel investment in the UK.
‘We know we have a tough year ahead. With costs piling up on their doorsteps and so much uncertainty on government policies, there is currently little incentive for firms to risk either their dwindling cash reserves or fresh loans on new projects.
‘Firms know that the UK’s finances are tight, but the Chancellor needs to show more faith in the ability and talent of our businesses.’