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Saturday, February 24, 2024

Majority of Businesses to Hike Prices to Combat Inflation

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The SNP has hit out at the Chancellor for failing to “get a grip” over the Tory cost-of-living crisis, after a new survey revealed that a significant number of firms are expected to raise prices in the coming months.

The report, from the British Chamber of Commerce (BCC), found that 62% of businesses surveyed expected to raise prices in the coming months, with 77% citing inflation as a growing concern for their business – both historic highs.

The SNP’s Shadow Chancellor, Alison Thewliss MP, warned that spiralling costs and pressures on businesses risked creating an ‘endless cycle of misery’ for consumers, warning of repeated knock-on effects to their spending power.

The MP also criticised the ‘lacklustre’ Spring Statement, claiming it failed to even scrape the surface in the fight to avoid a full-blown crisis for business and individuals.

Part of a package of measures to support families and the economy through the crisis the SNP had called for the Chancellor in his Spring Statement to introduce the Real Living Wage, increase social security payments by 6%, turn his energy support loan into a grant, cancel the proposed National Insurance hike and reverse Tory Universal Credit cuts.

Commenting, Alison Thewliss MP said:

“Whether it’s inflation, falling wages, Tory cuts, or any of the other measures spiralling out of control, they’re all contributing to a seemingly endless cycle of misery for consumers and businesses in the UK.

“Millions have already been plunged into severe poverty and deprivation under the Tories, a figure that will only rise exponentially when energy bills skyrocket and businesses are forced to hike their prices on goods and services.

“Businesses are also feeling the pinch too, with an overwhelming majority feeling forced to increase their prices, placing more of a financial burden on families and individuals.

“For all the bluff and bluster, the reality is that the Chancellor failed in his lacklustre Spring statement to get a grip of the Tory cost-of-living crisis that has been brewing under the Tory government’s watch.

“It’s clear that little to no action will come from Rishi Sunak or the Tories, proving once again why only with the full powers of independence can we fully protect Scottish businesses and families from the worst economic harm.”

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