Businesses share challenges with Bank of England at Chamber of Commerce event
31 Mar 2025
Published in: Black Country Chamber of Commerce News
Business leaders updated the Bank of England on the challenges facing their companies including the impact of National Insurance increases at a live event organised by the Black Country Chamber of Commerce.
Business leaders updated the Bank of England on the challenges facing their companies including the impact of National Insurance increases at a live event organised by the Black Country Chamber of Commerce.
The session, which took place at the University of Wolverhampton Science Park on Tuesday (25 March), enabled Gold, Platinum and Patron Chamber members to join Bank of England Agent for the West Midlands and Oxfordshire Graeme Chaplin to share their views of the economic picture in the region.
At the session, held every quarter, Mr Chaplin provided a presentation on the central bank’s economic outlook including data on the latest trends for interest rates and inflation, as well as national projections for growth.
Mr Chaplin spoke about how the Bank is monitoring the impact of US tariffs on UK inflation. He also gave updates on measurements of consumer confidence, which he said were “subdued”, and discussed the effects of upcoming National Insurance contributions and National Living Wage increases on businesses.
In response, businesses from sectors including manufacturing, retail and recruitment all shared concerns including the impact of the National Insurance rises and their plans to mitigate these costs. Bank of England data showed the issues of most concern nationally included price increases, the reduction of non-labour costs and lower wage growth.
Speaking at the meeting, a national retailer warned of the threats to high street businesses, citing increased rents and rising thefts, potentially contributing to closures and the likelihood of a future recession.
Manufacturers reported on challenges facing the housing market and construction as impacting suppliers to the building industry, with one renewing calls for a Minister of Manufacturing to be appointed.
The Chamber holds regular Bank of England meetings to allow members to receive key information and give regional reports. The session enabled members to be briefed by the Bank on the latest real-time intelligence collected by its network of agents from businesses
Chamber of Commerce CEO Sarah Moorhouse said: “The meeting between the region’s Bank of England representative and Chamber members offered a unique dialogue on the critical challenges facing our region’s businesses.
“From the mounting pressure of National Insurance contributions to rising operational costs, retailer struggles and sector-specific uncertainties, our members continue to navigate a complex economic landscape, not just to survive but to thrive.
“The Chamber of Commerce is actively lobbying on behalf of its members at a regional and national level to seek answers to the questions and concerns raised. With much uncertainty, together we are stronger to face the challenges that lie ahead.”
The next Bank of England event is due to take place online on June 24. Gold, Platinum and Patron Chamber members can sign up at www.blackcountrychamber.co.uk/events
Comments
Post A Comment
You must be logged in to post a comment. Please click here to login.
Our Patrons
