Fall in inflation ‘will benefit businesses’
The fall in inflation witnessed in the UK in recent months will have a positive effect on the nation's businesses and, subsequently, job creation, it has been claimed.David Kern, chief economist at the British Chambers of Commerce, made the comments after figures from the Office for National Statistics revealed that annual CPI fell from 4.8 per cent in November to 4.2 per cent in December 2011, while annual RPI was down from 5.2 per cent to 4.8 per cent.
Mr Kern said that lower inflation will go some way towards "easing the squeeze" on businesses and individuals and also make it easier for consumer spending to stabilise and start increasing gradually later in the year.
He added: "It is also important to scrap the planned increase in business rates, follow through with reforms to our planning system, and make bold moves on reducing red tape, thus making it easier for businesses to expand and create jobs."
Lucy Armstrong, chair of the CBI SME council, said that small businesses are the key to helping drive the nation's economy, and it is vital they are supported so they can continue to create jobs.
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Posted by John Oak and Wayne Bly
