Stat of the day: £10.6bn

The amount British businesses are losing each year, thanks to high inflation.

Last Updated: 09 Oct 2013

UK consumers might be feeling the squeeze, but businesses are also suffering from inflation woes.

Businesses are losing around £10.6bn a year as inflation continues to climb, a report by accountancy firm UHY Hacker Young says. Record low interest rates of 0.5%, combined with an inflation rate currently at 4.5%, means any cash they’re keeping in the bank is slowly being eaten away. The accountancy firm is advising businesses to shop around for the best deals. That seems to be the advice for everyone, nowadays…

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