nflation levels in Britain have reached 7% – the fastest growth in prices in nearly 40 years. Petrol prices have risen by 12.6p per litre in the space of one month (from February to March), household bills are soaring, and food costs are expected to increase by up to 15% this year. For businesses, the rate of VAT – which is the tax paid when purchasing services or goods – is going up too.
As well as heightened product and energy expenses, over one in four companies has experienced some sort of supply chain disruption in the past months. Not only that but many businesses have also witnessed higher transport costs, new custom duties, and a lot more paperwork.
So what measures can you take to tackle the existing inflation? Here, we explore some tips on how businesses can confront the rising living costs and keep operating with confidence.