The Lexicon plans to support ‘in any way possible’ as Bracknell companies look to weather this year’s grim financial forecast.  

Businesses are being prepared for a “lengthy period” of difficult conditions, with the UK economy predicted to go into a recession later this year. 

Thames Valley Chamber of Commerce, which supports businesses of all sizes and sectors across the area, says it has been working with members “throughout the challenges of Brexit [and] the pandemic” and is now preparing them for a “lengthy period of tough trading conditions”. 

It comes following the British Chambers of Commerce’s (BCC) forecast of a recession for the economy before the end of 2022, with “negative growth” expected for Q2, Q3, and Q4. 

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A spokesperson for The Lexicon said the retail centre’s footfall has “remained strong” throughout the summer, with projects such as Forest Giants and The Lexicon Proms having attracted people “from across the region and beyond”. 

The retail and leisure complex says its shops are “over 90 per cent let” and have recently welcomed “a raft of new retailers and restaurant outlets” for visitors. 

The BCC has downgraded its predictions for GDP growth for the year from 3.5 per cent to 3.3 per cent due to a “deteriorating economic outlook” and expects inflation to hit 14 per cent by Q4. 

Thames Valley Chamber of Commerce CEO, Paul Britton, said the news “reflects the unsustainable rising cost of doing business” and is “deeply concerned” about the upcoming increases in energy costs and recruitment issues.    

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“Last week the British Chambers of Commerce wrote to the Prime Minister, Chancellor of the Exchequer and both leadership candidates for the Conservative party on behalf of the UK Chamber network, proposing a comprehensive five-point plan to provide vital support to UK businesses.  

“Support is needed for spiralling costs through grant funding and a reduction in VAT on energy bills, along with measures to boost growth,” Mr Britton added.   

The Lexicon says it will “continue to work closely” with businesses “to support them throughout this period” so they can “continue to provide a quality offering” for residents of Bracknell. 

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The BCC says many of these issues were initially caused by the global response to Covid-19 but have been “further compounded” by the war in Ukraine. 

Director of Policy at the British Chambers of Commerce, Alex Veitch, said: “Through our extensive research and forecast work, we know the problems currently facing businesses.  

“Time is fast running out, the Government must step up to the plate and do what is needed to protect businesses, livelihoods and jobs.”