In the wake of UK inflation reaching a 40-year high of 9.1%, Time Finance reveals its latest data around the cost of doing business crisis, with 91% of UK SMEs forced to hike their own prices in order to keep up with soaring operational costs.
The latest survey has seen Time Finance investigate the true impact currently being felt by UK businesses as they grapple with rising energy and fuel costs, increased National Insurance, rising wage bills, supply chain issues and the recent rise in inflation to 9.1%.
The alternative finance provider reveals that one in five businesses fear they are struggling to remain competitive in the wake of rising costs. 63% of firms were found to have increased their prices by 10% and one in five by up to a significant 30%.
Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans.