In this letter, sent on 11 March 2022, ACCA reinforced the fact that businesses are fighting against a rapidly changing fiscal context with rising energy costs, impacts on profits from supply chain delays, significant levels of inflation and prospect of interest rate rises, as well as an often inaccessible funding landscape. Alongside this, they face rising minimum wages costs, a tapering of business rate reliefs, new liability in the form of the Health and Social Care Levy ,as well as rising VAT costs for some of the hardest hit in hospitality and retail.
