UK firms tell Rishi Sunak: Time running out to save UK plc from perfect storm

The government is running out of time to save the economy due to a rapidly worsening growth outlook.

Shevaun Haviland is the director general of the British Chambers of Commerce.

She told the business group that they need to support businesses now. We are on a tight schedule. The government has less than a month to get their house in order.

Andrew Bailey, the governor of the Bank of England, warned that Britain was facing a worse slowdown than many of its global competitors because of the country's high inflation. Inflation is expected to peak this autumn at over 10%.

The chances of a UK recession have increased, according to economists at Goldman. The analysts at the US investment bank said that a recession is more likely in the UK than in the euro area and the US.

The government will announce a new round of investment incentives at the autumn budget, according to Sunak.

He said, "We know how important business investment will be to our recovery, so we want to make sure that the autumn budget continues to support that."

The government is working on plans to replace the "super deduction" scheme, which gives companies relief on their tax bills when they invest in productivity- boosting technology and assets.

It was only for a short time and it ends next spring. We are going to find a more permanent replacement for the super deduction, which will continue to encourage business investment.

In the first three months of the year, the UK's real incomes fell for the second year in a row.

The latest GDP data from the Office for National Statistics shows that real household disposable incomes fell in the first quarter for the fourth quarter in a row.

Boris Johnson suggested that he wanted to cut food tariffs in order to address the cost of living crisis.

He said the government would review its options, which could include tariffs on products such as oranges, bananas, olives, rice and other products which are not produced domestically.

The list of products where tariffs could be cut is being worked on by the international trade secretary. She warned that the reductions would have a negative impact on British consumers.

She said that tariffs are not the end of trade policy and that reductions are not a long-term solution.