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17 May 2017

Small businesses battling inflationary pressure in Northern Ireland

RESPONDING to the increase in the Consumer Price Index (CPI) to 2.7% announced on Tuesday 16th May, Wilfred Mitchell, FSB Policy Chair for Northern Ireland said:

“The number of small firms reporting an increase in operating costs is at its highest since 2013. That means it’s harder for them to invest, expand and create jobs. If costs continue to rise, it will undoubtedly have an impact on economic growth in Northern Ireland.  

“We’ll be looking to the next Government to take action. Only last month small businesses had to absorb a hike in the National Living Wage. It’s high time for an increase in the Employment Allowance to £4,000 and a freeze on the Insurance Premium Tax. Small businesses need support in their battle against surging costs. As today’s CPI illustrates, that support is needed sooner rather than later.”

Read more about Wilfred Mitchell