Higher inflation sparks concern for SMEs

As inflation continues to rise, so do the warning lights with many business owners fearing higher taxes in the Autumn Budget.

Thousands of organisations across Lancashire have had to put investment and recruitment on hold following last years NI contribution hikes.

And there are fears with the economy still not growing as the government had hoped, more pain could be on the way.

Stuart Morrison, Research Manager at the British Chambers of Commerce said: “Businesses tell us national insurance, wage growth and tariffs are all bubbling away in a cauldron of price pressures. “While many firms are desperate to see further interest rate cuts, there’s now growing concern that persistent inflation will limit the scope for further reductions.