INTENSE UK inflationary pressures, mainly from the Brexit vote, have been underlined in British Chambers of Commerce’s latest quarterly survey, which reveals a surge in the proportion of companies intending to raise prices.

British Chambers sees “little evidence” that sterling weakness since the vote to leave the European Union, which has pushed up businesses’ raw material costs, is providing any material boost to overall export growth.

Subtracting the proportion forecasting a fall in prices for their goods and services over the next three months from that predicting a rise, a balance of 52 per cent of manufacturers and a net 30 per cent of services firms projected an increase. This is a record balance for manufacturing, and the highest reading for services firms since the first quarter of 2011.

British Chambers says the survey findings support its “forecast for continuing growth, but at a slower pace”.

Garry Clark, at Scottish Chambers of Commerce, said: “The cost pressures are definitely a factor across the board.”