"The UK's inadequate economic security has become a drag on growth, competitiveness and national strength; yet it is still not given the focus and urgency it demands. The wars in Ukraine and Iran have demonstrated how supply chains can be disrupted overnight."
"Small and mid-sized firms have been permanently bruised by the procession of global shocks and could no longer be left to absorb the consequences alone."
"At the heart of the BCC's recommendations is the creation of an economic security cabinet committee, chaired by the prime minister of the day, that would coordinate Whitehall's response to trade disputes."
The British Chambers of Commerce warns that the UK is vulnerable to economic shocks due to inadequate contingency planning. Recent global events, including Brexit, the Covid-19 pandemic, and the Ukraine war, have highlighted this issue. The closure of the Strait of Hormuz is expected to increase inflation and disrupt supply chains. Small and mid-sized firms are particularly affected and need support. The BCC recommends establishing an economic security cabinet committee to address trade disputes and protect British exporters from market exclusion.
Read at Business Matters
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