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SMEs are facing 'stagflation', survey warns
Enginuity said nearly 80% of UK SMEs plan to raise prices as labour and raw material costs climb and two-thirds remain below full capacity.
- Nearly 80% of Small and Medium Enterprises plan to increase prices to offset rising labor and raw material costs, a survey of more than 200 companies across manufacturing and engineering sectors reveals.
- Ann Watson MBE, CEO of Enginuity, warns that skills-related challenges cost engineering and manufacturing sectors around £5.2 billion in lost revenue annually, restricting SMEs from achieving full potential.
- Financial constraints restrict many SMEs from operating at full capacity for the second consecutive year, while less than 40% of respondents report confidence in the next five years.
- Only 10% of SMEs believe new apprenticeship units will address skills gaps, revealing a disconnect between government support initiatives and business understanding despite skills rising on the political agenda.
- The Chancellor faces budget pressure to ensure SMEs can afford extra personnel as the Milburn Commission prepares recommendations on extending work experience and skills training to 14 to 16-year-olds.
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42 Articles
MK Citizen+41 Reposted by 41 other sources
SMEs are facing 'stagflation', survey warns
The survey by skills charity Enginuity has ‘set alarm bells ringing‘.
·Milton Keynes, United Kingdom
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Total News Sources42
Leaning Left3Leaning Right0Center35Last UpdatedBias Distribution92% Center
Bias Distribution
- 92% of the sources are Center
92% Center
C 92%
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