UK companies see tough conditions enduring in months ahead: CBI

British businesses think the gloom hanging over their prospects will persist in the coming months, according to an industry survey published on Sunday.

by | 30 Oct, 2022

The Confederation of British Industry’s (CBI) gauge of private sector growth in the three months to October rose to -15 from -19 in the three months to September, still in contraction territory.

For the next three months, services and distribution companies expect a further downturn, although manufacturers were more optimistic.

“Notwithstanding a mixed picture across sectors, the private sector continues to face considerable headwinds,” said Alpesh Paleja, CBI lead economist.

“Amid rising costs, labour shortages and demand waning, businesses foresee a continued fall in activity over the next three months.”

Paleja said it was vital that new Prime Minister Rishi Sunak restores stability to the economic environment in order to snap companies out of their malaise.

Read more at Reuters

More from Financial Accountant

How the UK’s rollback of banking regulations could risk another financial crisis

How the UK’s rollback of banking regulations could risk another financial crisis

Money laundering plays a key role in every part of the illegal drugs industry. Here’s how it works

Money laundering plays a key role in every part of the illegal drugs industry. Here’s how it works

‘I’ve never paid myself’: why the reality for female entrepreneurs doesn’t always match the rhetoric

‘I’ve never paid myself’: why the reality for female entrepreneurs doesn’t always match the rhetoric

Sustainability ideals are often crushed by corporate demands. Here’s how businesses can let them flourish

Sustainability ideals are often crushed by corporate demands. Here’s how businesses can let them flourish

‘I was left with nothing.’ Why apprentices are being pushed into the informal economy

‘I was left with nothing.’ Why apprentices are being pushed into the informal economy

In the struggle to get Britain working, the long shadow of austerity could be part of the problem

In the struggle to get Britain working, the long shadow of austerity could be part of the problem

Share This