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Bloomberg
The British Chambers of Commerce said 80% of UK businesses are feeling the effects of higher prices as well as shortages of goods and workers, a finding that adds to concerns about inflation.
The lobby group said its survey of 1,000 companies showed 80% saw an increase in their prices in the past year and almost half said those gains were significant.
The figures add to evidence that inflation is picking up, which the Bank of England has said is likely to result in higher interest rates in the coming months. Companies cited rising costs of vehicle fuel, shipping containers, electricity and natural gas as the biggest burdens.
“These figures present a deeply worrying picture of the difficulties that businesses are currently facing,†Shevaun Haviland, director general of the BCC, said in a statement.
Steel costs were cited by half of manufacturers, while paper, plastics, chemicals and semiconductors also registered as in short supply.
Britain Adds Over 220,000 Job Openings
Driving instructors, prison officers and fork-lift truck drivers were in increasing demand in the UK at the start of November as companies continued to struggle to fill vacancies, according to the Recruitment & Employment Confederation.
More than 220,000 job adverts were posted during first week of the month, the fourth-highest figure since the start of the 2020, the lobby group said in a report. It took the total number of active job postings to a record-high 2.68 million.
The figures suggest the labor market is showing no signs of cooling despite concerns about rising living costs and the persistence of Covid-19. The Bank of England is expected to increase interest rates next month to prevent mounting wage pressure driving up inflation across the economy.
The London jobs market continues to grow at a slower pace than other parts of the country, while labour demand in the construction industry fell last week because supply disruptions are making it hard for firms to work at full capacity, according to the report.