Latest news with #BritishChambersof
Fibre2Fashion
7 days ago
- Business
- Fibre2Fashion
BCC, UKIBC hail signing of India-UK FTA
Key UK sectors expected to benefit from the India-UK Free Trade Agreement (FTA) signed today include food and drink, industrial goods and automotives, according to the British Chambers of Commerce (BCC), which said not only will these sectors see lower tariffs now, but reductions will follow over the next decade, creating stable conditions to expand UK exports to India. 'Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that,' William Bain, BCC's head of trade policy, said in a statement. Key UK sectors expected to gain from the India-UK FTA include food and drink, industrial goods and automotives, according to the British Chambers of Commerce, which said not only will these sectors see lower tariffs now, but reductions will follow over the next decade, creating stable conditions to expand UK exports to India. The FTA marks a historic milestone in the bilateral ties, UKIBC said. 'A stronger UK-India relationship also creates huge scope to raise our services exports, which already outperform our sales of goods. This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services,' he added. 'The UK-India FTA marks a historic milestone in the bilateral relationship. Businesses across both countries have long called for an agreement that reduces barriers, enhances market access, and creates a clear framework for long-term, sustainable growth,' said Richard Heald, chair of the UK-India Business Council (UKIBC). Fibre2Fashion News Desk (DS)
Fibre2Fashion
24-07-2025
- Business
- Fibre2Fashion
Retail investor optimism in UK surges to 53%: BCC survey
Retail investor optimism in the UK has seen a significant rise, according to a new survey commissioned by the British Chambers of Commerce (BCC) Insights Unit. Conducted by Find Out Now following the Chancellor's Mansion House speech on July 15, the survey revealed a notable uptick in investor sentiment and potential momentum for economic growth. More than half (53 per cent) of retail investors expressed optimism about their investments over the next 12 months, up from 42 per cent in May. The findings reflect a promising shift in retail sentiment, with 40 per cent planning to increase their investment levels, and only 8 per cent expecting a decrease. Younger investors appear to be leading the trend. A striking 56 per cent of those aged 30–39, and 52 per cent of 18–29-year-olds, intend to invest more in the year ahead. These groups also show more diversified portfolios, with 28 per cent of 18–29-year-olds investing in cryptocurrencies compared to just 8 per cent of those aged 55-64. Additionally, over a third of younger investors check their portfolios multiple times a week, signalling high engagement. A BCC-commissioned survey showed UK retail investor optimism has surged to 53 per cent, up from 42 per cent in May. The poll highlighted strong interest in a proposed UK Growth ISA and increased investment plans, especially among younger investors. Over 2,500 platform users were surveyed, reflecting rising confidence and engagement in domestic equities. The research further highlighted strong interest in domestic investment opportunities. Over half (51 per cent) of respondents stated they would use a UK Growth ISA if introduced—a figure that jumps to 76 per cent among 18–29-year-olds. The UK growth ISA is one of the BCC's key policy recommendations to strengthen domestic markets. 'Retail investors alone will not resolve the structural challenges facing UK public equity markets and the wider economy. But they need to be part of the answer. Our research shows individual investors are increasingly optimistic, with many planning to increase their investments over the next 12 months. It's crucial that the government taps into this growing investor appetite,' said David Bharier, head of research at the BCC. Bharier emphasised the need for clear incentives to redirect investor attention from overseas markets to UK equities, suggesting that a new generation of investors is ready to back homegrown opportunities—if the ecosystem is made more supportive and accessible. 'With the FTSE 100 recently reaching a record-high, our survey results will be encouraging for the government as they try to get more people to invest in the stock market,' said Tyron Surmon, head of research at Find Out Now . 'Our survey found a significant boost in optimism among retail investors compared to earlier this year, and a majority of them saying they would be willing to get a 'UK Growth ISA' – they just need the government to take the first step.' The poll surveyed over 2,500 users of investment platforms, reflecting a broad cross-section of the UK's retail investment community. Fibre2Fashion News Desk (SG)
Fibre2Fashion
07-07-2025
- Business
- Fibre2Fashion
UK business confidence falters amid rising costs & tax burden: BCC
Business confidence across the UK remains subdued following April's National Insurance rise, according to the British Chambers of Commerce (BCC) Quarterly Economic Survey for Q2 2025. The largest such survey since the tax change reveals only 49 per cent of firms expect turnover growth in the next year—up marginally from 48 per cent in Q1, and still among the lowest levels since late 2022. Tax remained the chief concern for businesses, cited by 56 per cent of respondents, followed closely by inflation at 52 per cent. Concerns over interest rates eased slightly to 24 per cent. Meanwhile, price rise expectations have moderated, with 44 per cent of businesses planning hikes in the next quarter—down from a near-record 55 per cent in Q1. Business confidence in the UK remains weak following April's National Insurance rise, with just 49 per cent of firms expecting turnover growth, according to the BCC Q2 2025 survey. Tax (56 per cent) and inflation (52 per cent) top concerns, while labour costs remain high. Sales and investment show little improvement. Businesses urge the government to reduce tax burdens and reform regulation. Labour costs remained the dominant pressure, affecting 73 per cent of firms. This impact is particularly strong in the transport and hospitality sectors, with 88 per cent and 83 per cent of firms respectively flagging wage-related cost pressures. Sales indicators remain largely unchanged, with only 32 per cent of businesses reporting growth in domestic sales over the last three months. Hospitality (36 per cent) and retail (34 per cent) continue to be the hardest hit sectors. On investment, just 21 per cent of firms have ramped up spending in the past quarter, while nearly a quarter (24 per cent) have cut back. The trend is more severe in hospitality (39 per cent) and transport (32 per cent). Profit expectations have seen a slight uptick, with 41 per cent anticipating growth, up from 39 per cent in Q1. Yet overall, the figures point to ongoing caution and pressure on UK businesses, with meaningful recovery still elusive. 'Rising employment costs, including increases in National Insurance and minimum wage, are placing significant pressure on margins—particularly for SMEs,' said a small manufacturing firm in Liverpool. 'The government missed an opportunity in the last budget to invest in business and support growth, instead taxing businesses until they are no longer viable,' said micro manufacturing firm in the West of England. 'The rising cost of doing businesses means confidence levels remain at their lowest levels since 2022. However, it's encouraging to see a drop in the number of firms planning to raise prices. Any signs of inflationary pressures easing is good news for business and the wider economy. But prices remain volatile,' said Shevaun Haviland, director general of the BCC . 'Last week, the Prime Minister acknowledged at the BCC's Global Annual Conference that business has been asked to shoulder a huge tax burden. We now need the government to rule out any further business taxes in this year's budget.' 'Businesses have welcomed the series of long-term strategies from government in recent weeks, all designed to drive forward economic growth. Our research shows businesses are stuck in a rut and more needs to be done at pace by ministers to turbocharge the economy and boost business confidence,' added Haviland. 'Businesses are clear—they want their costs reduced, regulation reformed, and skills barriers removed. Action by policymakers now, will help businesses out of this confidence slump and give firms the tools to boost growth.' 'Business sentiment in Q2 remains fundamentally subdued, following last autumn's tax increase announcements and the more recent introduction of global tariffs. April's rise in National Insurance contributions has cemented tax as the dominant concern for firms. Businesses are entering a new employment landscape marked by structurally higher labour costs and administrative requirements, fuelling increased anxiety about redundancies,' said David Bharier, head of research at the BCC . 'While there has been some easing in our price expectations indicator, this follows a spike to near historic highs in Q1 and may indicate that firms already baked in the recent NICs increase. Inflation is likely to remain volatile in the short term, as any escalation in global conflict could trigger renewed shocks to commodity and shipping prices,' added Bharier. 'SMEs are operating in an increasingly unpredictable world and have limited capacity to absorb further disruption.' The survey, conducted by BCC Insights Unit and the UK Chamber network between May 12 and June 9, gathered responses from over 4,500 businesses, 93 per cent of which were SMEs. Fibre2Fashion News Desk (SG)
The Sun
26-06-2025
- Business
- The Sun
UK employers group says tax hike has hit hiring hard
LONDON: Almost one third of small and medium-sized British employers have made staff redundant or are thinking about job cuts as a direct result of the increase in their social security bills, an industry group said on Thursday. The British Chambers of Commerce said 13% of more than 570 member firms it surveyed had cut jobs and 19% were actively considering such a move as result of April's hike in employers' National Insurance Contributions ordered by finance minister Rachel Reeves. "We were unprepared for the huge burden placed upon us, and it led many of us to rethink our growth plans," BCC Director General Shevaun Haviland said ahead of the group's annual conference. "As a result, our business confidence measures have fallen to their lowest levels since 2022." The Bank of England said last week that employers' hiring plans were "mildly negative" due to higher labour costs with the tax hike the biggest factor. The main response was to cut pay awards followed by headcount reduction and other measures. Reeves has said she does not plan further tax increases on the scale of last year's 40 billion pound ($54 billion) rise. But many economists say she might be forced into fresh revenue-raising measures later this year to remain on course to meet her own budget rules. ($1 = 0.7344 pounds)
The Sun
26-06-2025
- Business
- The Sun
UK small businesses eye job cuts after tax hike
LONDON: Almost one third of small and medium-sized British employers have made staff redundant or are thinking about job cuts as a direct result of the increase in their social security bills, an industry group said on Thursday. The British Chambers of Commerce said 13% of more than 570 member firms it surveyed had cut jobs and 19% were actively considering such a move as result of April's hike in employers' National Insurance Contributions ordered by finance minister Rachel Reeves. "We were unprepared for the huge burden placed upon us, and it led many of us to rethink our growth plans," BCC Director General Shevaun Haviland said ahead of the group's annual conference. "As a result, our business confidence measures have fallen to their lowest levels since 2022." The Bank of England said last week that employers' hiring plans were "mildly negative" due to higher labour costs with the tax hike the biggest factor. The main response was to cut pay awards followed by headcount reduction and other measures. Reeves has said she does not plan further tax increases on the scale of last year's 40 billion pound ($54 billion) rise. But many economists say she might be forced into fresh revenue-raising measures later this year to remain on course to meet her own budget rules. ($1 = 0.7344 pounds)
