Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:
“The slight rise in inflation to 4% will be a disappointment to many businesses who had hoped that the rate would continue to ease.
“In our Quarterly Economic Survey for Q4 of 2023, over half (52%) of businesses in Wales stated that they were concerned about inflation. While wage growth continues to outpace price rises and inflation remains higher than the government’s target of 2%, it is unlikely that there will be any cuts to interest rates in the near future.
“High inflation and interest rates, together with trade challenges and the ongoing skills shortage, mean that conditions remain tough for businesses. A clear, long-term plan for economic growth that reduces these pressures and delivers on skills development, green innovation and infrastructure would be welcomed by Welsh businesses.”
Help keep news FREE for our readers
Supporting your local community newspaper/online news outlet is crucial now more than ever. If you believe in independent journalism, then consider making a valuable contribution by making a one-time or monthly donation. We operate in rural areas where providing unbiased news can be challenging. Read More About Supporting The West Wales Chronicle
