BITC statement on rising inflation
Following the publication of ONS stats showing that inflation rose to 10.4% in February, Sam Balch, Campaigns Director at Business in the Community (BITC), said:
“Inflation rising to 10.4% shows that the cost-of-living crisis is far from over. The ONS said this morning that the main drivers of the rise include higher food prices. With families struggling for months as the UK grapples with rising costs across the board, this rise in inflation will further exacerbate the cost-of-living crisis for many. BITC is working with businesses to ensure that they are doing everything they can to support their employers, consumers, suppliers and communities at this time. While this is also a very difficult time for businesses, there are some simple steps that they can take which can have a positive knock-on effect such as paying the real living wage to their employees and ensuring prompt and fair payment to suppliers.”
BITC launched an action plan for businesses to ensure that they are doing everything they can to reduce the impact of the cost-of-living crisis on employees, consumers, suppliers, and community organisations. The calls to action include:
- Pay the Real Living Wage to employees and contractors
- Ensure employees have the option to work flexibly
- Understand the needs of your lower income and vulnerable customers, and how the cost-of-living crisis will impact them
- Provide products and services that are genuinely affordable to increase choice for lower income consumers
- Share goods and equipment with community organisations that are working with lower income and vulnerable people.
- Support your supply chain to reduce their energy and resource use
Notes to editor
- Read the full Business in the Community Cost of Living Action Plan for Businesses here.
For further information, please contact Aoife Butler Nolan, Head of Media, Public Affairs and Policy, on 07702 903 216.