Businesses are still feeling relatively optimistic about their ability to pass on price rises to their customers. Households are less able to protect themselves
Save time by listening to our audio articles as you multitaskMr Boyd is not suffering alone. In March manufacturers’ input prices were 19% higher than a year earlier, the sharpest increase since records began in 1997. Service providers are reporting record-breaking rises in costs, too. After dipping during 2020, the rate of corporate insolvencies is now higher than in 2019. The British Chambers of Commerce, a business association, wants an emergency budget to provide tax relief.
Anna Leach of the Confederation of British Industry, a business association, thinks that the relatively gradual creep of businesses’ costs has normalised their pain. Paul Dales of Capital Economics, a consultancy, also suggests that the energy-price increases could be concentrated in a few industries. According to calculations by, businesses accounting for around a quarter of private-sector output consume as much as half of its gas and electricity .
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