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 announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.