Inflation, the energy crisis and supply chain disruption continue to be the key themes impacting the UK economy, with the cost and shortage of food now becoming more of a concern. Allianz, one of our partner insurers, provides an in-depth review of the key issues impacting UK businesses and the knock on impact it is having on insurance.
Key highlights of the report include:
– UK inflation rises to 9.4% in July
– Bank of England interest rates continue to rise
– CPI increases to 7.9%
Supply chain disruption
– China’s zero-Covid policy and the impact this is having on manufacturing and logistics
– The war in the Ukraine and pressure on commodity and energy prices
– Climate change and the recent record temperatures and extremely low water levels impacting transportation
– UK Government implements 25% profits levy
– Fossil fuel prices increase dramatically as a result of Ukraine war
– Energy efficiency regulations being imposed by UK Government of landlords
Cost and shortage of food
– Fresh foods increasing due to spiraling costs for fertiliser and animal feed
– Average weekly pay for UK workforce stagnated
– 80% of SME’s see cost of living as their biggest threat
To read the full report from Allianz please visit the following website.
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If you are concerned about how this affects you and your business and would like support in assessing your needs, we are here to help. Please do get in touch for confidential advice and guidance.