suren thiru is head of economics at the british chambers of commerce.ou very much forjoining me. we are where we are. the pandemic and breaks that can't be undone and tax rises are an inevitability. what is the best case scenario that businesses and business owners, like finau, can expect from the next for�*s cluzel at the moment it is looking quite positive, we are expanding record growth this year. whether we are seeing many businesses facing a perfect storm of rising cost pressures, supply chain issues, and staff shortages. the concern is if some of these aren't addressed, and we can see are going to slow quite significant over the next few years. there is something interesting going on here that i want to talk to you about. household spending is currently at its highest level in 33 years. consumer confidence is sky high. when you look at businesses, business confidence is on the floor. our normal is it that we have such a disparity between these two groups? disparity between these two arou s? ~ , ., groups? well, they often lookinu groups? well, the

the british chamber of commerce says the latest announcement is like throwing a thimble of water on are. the 5,000 visas will be available for people who drive fuel tankers and food lorries from the start of october. they'll last only until christmas eve. it's thought the shortfall of hgv drivers in the uk runs into tens of thousands. the problem has been building for years but has worsened following brexit and the pandemic. 0ne haulier said today's news was a step in the right direction. it might well get us over the peak time although i would like to have seen it four months, but we'll take what we can. but it's not enough and it's too little too late, basically. the government had resisted calls from retail and freight business groups for a short—term relaxation of immigration rules. now that's changed. it follows two days of issues at petrol stations which began with a shortage of drivers delivering to some bp garages and became widespread once drivers ignored pleas not to panic buy. the group which represents european hauliers isn't sure how many drivers will want to come. we wil

basically listen to this, the british chambers of commerce saying that the measures are the equivalent of throwing a thimble on a bon fire, a symbol of water on a bonfire, atanya mount the road holy. just so you see ation saying that the plan barely scratches the surface saying that it's very unlikely that dr. it's, for example from poland. well, actually apply for a 3 month visa and then have to find somewhere to live in the u. k. and then come over and then go back after 3 months, just the destruction makes it unlikely that say, and they're pointing out things like unsafe conditions, that unsanitary facilities in the industry are actually putting people off a korea here in the u. k. so there is another problem there, but the head of the european road holy is association says that much more will be needed than these temporary changes to the visa roles. costing doubts on whether enough people will want to come to the u. k. from the e. u. so in the short term, there is no quick fix and so in the run up to christmas, lots of people are asking how much of a crises they will be, particular

the british chamber of commerce is calling it a hiring crisis.to the people who are still on furlough when the scheme ends? 1.6 million people are still on furlough in august. there is not much sign of redundancy yet. that could change next month. an even bigger headache than employment will be getting people into jobs. if that retraining takes time, because of the slack in the economy, it could push down inflationary pressures, push back when the bank of england raises rates. they say the first rate hike will not come until the third quarter of 2022. anna: we will see what happens to expectations for rate hikes only get a sense of what happens to those people on furlough. we do not know how many will end up back with the businesses they came from. coming up, we have been talking about inflation in the u.k., but the story will be on the u.s. cpi print and how it will affect expectations. we will talk about that, next. this is bloomberg. ♪ anna: welcome back to the european market open. 52 minutes into equity market trading. modest losses across t

the british chamber of commerce said the latest announcement was like throwing a symbol of water on atin. the 5000 visas will be available for people who drive fuel tankers and food lorries from the start of october. they will last only until 0ctober. they will last only until christmas eve. it is thought the shortfall of hgv shortage —— drivers in the uk runs into the tens of thousands. it has been building for years but has worsened lowing brexit and the pandemic. 0ne haulier said today's news was a step in the right direction. it today's news was a step in the right direction. , ., direction. it might well get us over the eak direction. it might well get us over the peak time _ direction. it might well get us over the peak time although _ direction. it might well get us over the peak time although i _ direction. it might well get us over the peak time although i would - direction. it might well get us over| the peak time although i would like to have seen it for months, we will take what we can. it is not enough and too little too late, basically. the government had resisted calls

the chancellor and minister, do not take my word for it, the british chamber of commerce describe itility to hire staff at a time they have faced a torrid 18 months. the federation of small businesses say this increase will stifle recruitment, investment and efforts to up skill. they are joined by the trade unions, the tuc say it is wrong to hit young people and low—paid workers while leaving the wealthiest on touch. we agree with those businesses and the trades unions too. they are right, this is a tax onjobs, trades unions too. they are right, this is a tax on jobs, attacks on the economic recovery, and we will not support it. so, mr deputy speaker, let's go back to the key questions that need answering. will this plan deliver what is promised for health and social care? no! will it clear the nhs backlog in this parliament? no! the home secretary says no. will it give social care the resources it needs for the next three years? no! is there a plan to reform social care? no! will it create more and betterjobs? no! is it fair across the regions? no! will people be prevented from sell

the british chamber of commerce, which represents 100,000 businesses said the tax will be, "a drag anchornews for some families. at the moment if people have assets worth more than £20,000 they have to pay for social care — and there is no upper limit on how much. that's about to change. so i think there are two parts of the social care announcement that are going to really matter for families. one is that those families with assets that are between £20,000 and £100,000 will now get some support. sojust overall, more families will be getting some support for their social care costs. the second element is a cap, that means that no—one will have to pay more than £86,000 in total over their lives for their social care. and that'll be really important for those families who are hit with very, very high social care costs. don't forget, though, that is literally for personal care — things like help bathing and taking medicine. the cap doesn't cover the huge expenses of accommodation, food and energy. and then there's changes to the so—called pension triple lock — a promise to link state pension