UK manufacturers plan to raise prices than at any other point since 1980s
October 6, 2021, 3:30 am

UK manufacturers plan to raise prices than at any other point since 1980s

UK-Newcastle/Pixabay

The Businesshala reported citing Reuters, a survey reported that more British manufacturers are planning to raise their prices than at any other point in the past three decades, and that the survey that added to signs of rising inflationary pressure in the world’s fifth-largest economy.

The report said, the net balance of factory firms expecting to increase their prices rose to +60% in the latest quarterly survey by the British Chambers of Commerce, up from +57% in the second quarter and the highest since the survey began in 1989.

It mentioned that the share of service firms planning price increases was the highest since 2008 at 38%.

The Bank of England is seeing signs that the recent rise in inflation in the UK could prove to be longer than it anticipated. It has said the case for raising rates for the first time since the start of the coronavirus crisis appears to be strengthening.

Suren Thiru, BCC’s head of economics said: “Supply constraints and rising raw material prices in the third quarter created a historic increase in inflationary pressures.”

But there is little evidence that high inflation is driving a broader rise in wage settlement, meaning the BoE should have enough leeway to keep interest rates stable over the medium term, Thiru said.

The share of BCC member companies reporting higher home sales in the July-to-September period rose to 47% in the second quarter from 44%, which Thiru said represented a “disappointingly modest increase”.

The survey found 27% of firms invested in the third quarter, unchanged from the previous three months, which the BCC said was “another troubling warning sign for a long-term recovery.”

In April, Finance Minister Rishi Sunak introduced a huge tax incentive to encourage companies to invest more.

Between August 23 and September 13, 5,737 businesses were surveyed online.

Source: businesshala

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”