The British Chambers of Commerce has today revealed that a majority of Britain’s biggest companies agree that they expect their costs to increase over the coming year and that they consequently plan to increase prices. This response is according to Ipsos MORI “Captains of Industry” poll of more than 100 of Britain’s largest 500 companies, whereby 58 per cent responded that business is already suffering from Brexit, and two-thirds of the chief executives, chairmen and directors interviewed for the survey said they believed the business situation would worsen in the next 12 months. Pound sterling has already fallen 16 percent since the Brexit referendum in June last year.
Ben Page, chief executive of Ipsos Mori has commented: “Business in this country is already feeling the pain of the economic upheaval of leaving the EU. There is no sign that this is likely to ease this year.”