East Midlands Chamber has welcomed the Prime Minister’s push for de-escalation in the Middle East but renewed calls for greater business support as firms face the risk of rising inflation and increased fuel costs.
Keir Starmer’s Downing Street press conference on 1st April acknowledged the need to make the Strait of Hormuz accessible and announced plans for a summit and closer alignment with the EU.
East Midlands Chamber Director of Policy and Insight Richard Blackmore said: “While the Prime Minister was right to outline the need to resolve the Middle East crisis, reopen the Strait of Hormuz and stressed the importance of closer alignment with the EU, it’s essential that supportive measures for businesses are prioritised.
“If we see inflation rises and fuel costs climbing upwards as a result of the war, that’s going to be tough on businesses, already tackling a tough trading environment.
“Our Quarterly Economic Survey for the first quarter of 2026 showed inflation remains the greatest concern of East Midlands businesses, with 4 out of 10 are considering increasing their prices and fuel costs cited by 10% as the driver. Much of the research was carried out before the Middle East conflict began so it’s realistic to assume the figure may rise.
“Targeted energy cost relief and efficiency grants for energy-intensive and manufacturing businesses are among asks set out in the Chamber’s recently published Framework for Growth. The document outlines actions across areas like taxation, skills and infrastructure investment, that, if implemented, would alleviate some of the many challenges firms are navigating right now.”
To view East Midlands Chamber’s Framework for Growth in full, click here.
To view East Midlands Chamber’s Quarterly Economic Survey for Q1 2026, click here.
