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Saturday, May 21, 2022

Sunak Failing to Get a Grip on Tory Cost of Living Crisis

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Three quarters of businesses planning to hike prices.

The SNP has said Rishi Sunak is “failing to get a grip” on the spiralling Tory cost of living crisis – as three quarters of businesses say they are planning to increase prices.

The British Chambers of Commerce (BCC) survey of 1000 businesses, published today, found three in four are planning to ramp up prices in response to rising costs, one in five are scaling investment back, and one in twenty are considering closing altogether.

BCC director-general Shevaun Haviland warned:

“Without help from the Treasury to weather this storm, many businesses, especially smaller ones, will be faced with a nearly impossible situation that will leave them with little choice but to raise prices.”

It comes as major brands warned they will put up prices – with Tesco warning its prices could rise by 5%, Next warning it will increase prices by up to 6%, Greggs warning it will increase prices between 5p and 10p per item, and Unilever warning it plans to increase prices across its brands, which include Marmite, Hellmans, Ben & Jerrys and Dove.

Commenting, SNP Shadow Chancellor Alison Thewliss MP said:

“The Chancellor is failing to get a grip of the Tory cost of living crisis, which is spiralling out of control – and threatens to leave the majority of families thousands of pounds worse off.

“Families are being hammered by Tory cuts, regressive tax hikes, and the soaring cost of Brexit.

“Now, rising inflation, energy bills and prices will leave many on the breadline.

“UK poverty is rising because of damaging Tory decisions.

“While the SNP government is putting money into people’s pockets with progressive policies like the Scottish Child Payment, Westminster is taking it away again by slashing Universal Credit and imposing regressive tax hikes.

“It is essential that the Chancellor brings forward an emergency budget, with a far-reaching package to help families, including turning the £200 energy loan into a more generous grant, reversing £1040 Tory cuts to Universal Credit, matching the Scottish Child Payment UK-wide, and raising pay with a Real Living Wage.

“By pushing families into poverty, the Westminster government is making the case for independence.

“The only way to keep Scotand safe from Tory cuts is to become an independent country, with the full powers needed to boost incomes and eradicate poverty.”

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