Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

UK factories plan most widespread price hikes since 1980s -survey

Published : , on

LONDON (Reuters) – More British manufacturers plan to raise their prices than at any other point in the past three decades, according to a survey that added to signs of growing inflationary pressure in the world’s fifth biggest economy.

The net balance of factory firms expecting to hike their prices rose to +60% in the latest quarterly survey by the British Chambers of Commerce, up from +57% in the second quarter and the highest since the survey began in 1989.

The share of services firms planning price increases was the highest since 2008 at 38%.

The Bank of England is watching for signs that the recent rise in inflation in Britain might prove longer-lasting than it has forecast. It has said the case for a first rate hike since the onset of the coronavirus crisis appears to be strengthening.

“Acute supply shortages and rising raw material costs drove an historic surge in inflationary pressures in the third quarter,” said Suren  Thiru, the BCC’s head of economics.

But there is little evidence that higher inflation is stoking a broad increase in pay settlements, meaning the BoE should have enough leeway to keep interest rates steady over the medium term, Thiru said.

The share of BCC member companies reporting higher domestic sales in the July-to-September period increased to 47% from 44% in the second quarter, which Thiru said represented a “disappointingly modest uptick.”

The survey found 27% of firms invested in the third quarter, unchanged from the previous three months, which the BCC said was “another troubling warning sign for longer-term recovery.”

In April, finance minister Rishi Sunak introduced a big tax incentive to try to encourage companies to invest more.

The online survey of 5,737 businesses was conducted between Aug. 23 and Sept. 13.

(Writing by William Schomberg; Editing by Mark Heinrich)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post