RISING inflation underlines a need for the UK and Scottish governments to focus on measures to help business, the Scottish Chambers of Commerce has said.
Following the release of figures showing that UK inflation rose to 2.3 per cent in February, SCC chief executive Liz Cameron warned of a requirement to mitigate business costs and boost consumer confidence over the next two years.
Cameron, above, said: “These latest inflation figures only tell part of the story in terms of the challenges facing Scottish businesses. Rising inflation is not unique to the UK and inflation in the eurozone has also hit two per cent in recent weeks. In common with the rest of Europe, it seems that rising fuel and food prices are the major drivers of this latest increase.
“More worrying is that there is a continuing upward trend in the price of goods leaving factories and in products such as imported metals.
“As inflation pushes above the government target, we would ask the Bank of England to remain cautious and keep interest rates low for the time being.
“The most effective economic tools now lie in the hands of the UK and Scottish governments. They must maintain a strong focus on tackling cost increases to businesses, with sensitive plans for taxation.”
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