Business Confidence, perhaps a Glimmer of Hope
The Office of National Statistics’ report on business confidence for July reveals that while companies are struggling to manage the increasing costs and regulations imposed on them there are some small signs of improving confidence.
More businesses than initially projected by the ONS believe their turnover will remain stable in the upcoming months, while fewer anticipate a decline.
Among these figures, certain sectors of the economy, particularly the Real Estate sector, exhibit a lack of enthusiasm and confidence regarding the potential for turnover growth in the near future.
- Manufacturing 54%
- Construction 56.5%
- Wholesale and Retail (Motor) 45.9%
- Transportation 60.9%
- Accommodation 52.6%
- Information and Communication 57.4%
- Real Estate 85%
- Professional, Scientific and Technical 56.8%
- Administrative Services 57.5%
- Education 56%
- Human Health and Social Work 55.1%
It’s important to recognise that these figures are adjusted to reflect the number of businesses that responded from each sector out of the 39,000 participants.
With all the recent changes, especially those from within the cabinet office at No10, maintaining turnover should be viewed as a solid foundation for future growth. For many, simply achieving efficiency gains, identifying niche markets, and boosting sales in these areas—while also managing the financial impact of new HMRC regulations like Making Tax Digital and the burden of quarterly tax payments based on estimated profits—should be considered a significant achievement.
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