Tax increases, interest rates and other costs remain high on the list of concerns of Humber business leaders, a new survey has revealed.
The quarterly economic survey for the Hull and Humber Chamber Chamber of Commerce found that increases in National Insurance and the minimum wage were putting pressure on many businesses.
The Chamber said that many businesses in the area were sounding alarm bells about turnover and profit expectations, with more than half of firms (53%) said they thought their turnover would worsen in the coming months.
Only 20% of firms said they were working at full capacity, a slight improvement on the previous quarter, but 89% of firms said they were concerned about pay settlements and 79% said they expected their prices would have to increase.
The survey was carried out before the Spring Statement and President Trump鈥檚 recent announcements on tariffs, with the latter especially putting more pressure on exporting firms.
The Chamber said that business confidence was down in the first three months of 2025, with fewer firms saying they were planning to invest in new plant or machinery, or on training.
Chamber chief executive Dr Ian Kelly said: 鈥淭his is yet another challenging set of figures for Humber businesses who could well do without having to deal with increased costs at a time of such uncertainty across the board.
鈥淎 lot of businesses who have just about been keeping their heads above water will find the extra coasts to their businesses a further challenge, and we can only hope that most will be able to deal with this latest test.
鈥淭he tariff issues will take some time to play out, but the 海角视频 Government is currently taking a sensible stance, rather than the knee-jerk reaction we have seen from some countries - a trade war will not help anyone. We are already seeing a cut in investment and training, with firms expecting a drop in turnover and profits, so the prospects for growth in the current market seem to be limited at best.鈥
Director General of the British Chambers of Commerce, Shevaun Haviland, added: 鈥淪ustained economic growth will only come through businesses, not Government. While there were some limited announcements in the Spring Statement which we welcome 鈥 it is hard to get away from the bleak growth predictions.
鈥淲e urgently need the government to publish a wider tax roadmap, which includes national insurance, to give firms a direction of travel to lower cost pressures. Ministers must also focus on infrastructure projects and promoting exports, as a springboard for business growth.鈥
