Dollar slides after US president exempts carmakers from 25% tariffs on Canada and Mexico; euro and sterling hit four-month highs

The British Chambers of Commerce (BCC) is predicting “a long and challenging year for UK businesses”.

It has become more gloomy about the growth outlook for the UK and said firms will struggle to invest as they deal with a raft of rising cost pressures.

This is going to be a long and challenging year for UK businesses. The BCC’s forecast shows an economy struggling without the secure foundations to kickstart business investment.

Inflation will continue to be stubborn this year forcing the Bank of England to keep interest rates relatively high. Global uncertainties will add further dark clouds to the economic climate.