13 July 2016: Q1 2016 showed that there had been a downturn in local business confidence but quarter 2 bounced back in line with previous survey responses, which showed 60% of respondents expecting to see profits rise in the next 12 months.
However, the survey also warned that with the results of EU Referendum now confirmed and the UK heading into unchartered territory it’s almost certain that there will be a negative impact on local business confidence.
Bedfordshire businesses have continued to see a reduction in UK sales with only 32% of respondents to the survey reporting an increase and 16% seeing a decline in sales, the weakest results over the last 12 months. The results suggest that although local economic growth continues it is at a significantly weaker pace than previously reported. The results over the previous 2 quarters have shown a local business environment that is operating in a markedly softer economy. Putting this into context, against a backdrop of uncertain times and the historic decision to leave the European Union, Bedfordshire businesses are still well placed to overcome the potential challenges that lay ahead.
If you are a business or know a business locally that is likely to struggle and/or is facing financial challenges that are not so easily overcome whilst trying to ride out the storm, then please contact one of our BRI team of experts who can assist in finding solutions.