The chief executive of the British Chambers of Commerce has warned that UK businesses face a “perfect storm” of rising energy costs, staff shortages and problems in the supply chain – and that government must take action.
Shevaun Haviland told the organisation’s annual conference: “We are on limited time. The government has until the autumn Budget to reset, rethink and get their house in order. They need to put in place support for businesses now.”
Haviland’s words came as Goldman Sachs said the chances of a UK recession had risen and were now close to 50:50. Analysts at the investment bank said: “We think a recession is more likely in the UK than in the euro area (40%) and the US (30%), and recession risks are more front-loaded in the UK, with the current quarter likely in contractionary territory.”
