Increasing costs faced by firms in Kent will see the majority have to pass them on to their customers, a survey has confirmed.

Business leaders attending last week's Kent and Medway Business Summit at the University of Kent in Canterbury were polled by accountants and business advisors Kreston Reeves and law firm Thomson Snell & Passmore.

And it revealed 60% of those quizzed said rising prices would be a consequence of inc.

It also highlighted on-going concerns over recruitment - with 71% saying they were struggling to attract new staff. While, supply chain delays of up to six months were being felt by 40%.

David Rosevear, accounts manager at Kreston Reeves, said: “Businesses are facing a prolonged period of uncertainty emerging from a global pandemic, new trading relationships with the EU, and conflict in Ukraine. Delays in supply chains, increased energy costs, and soaring inflation are adding significantly to costs, leaving businesses with little or no choice but to pass those costs on.

“Businesses, however, face a balancing act. Corporate customers will too be facing the same challenges and may be unwilling to absorb additional cost. Households are facing a cost-of-living crisis and may simply decide to go without or look for cheaper alternatives.”

However, on a more positive note, 67% of the 52 polled said they expected to grow through merger or acquisition.

Jason Varney, partner in the corporate team at Thomson Snell & Passmore, added: “This certainly reflects our current experience, with continued high levels of M&A activity for clients."

More than 400 business leaders and academics attended the Kent and Medway Business Summit on April 27.