Concerns about the domestic economy, lack of consumer demand and fuel costs are some of the reasons given by small businesses in the East of England, where we have seen business confidence plummet this quarter.
Whilst 42% of those surveyed have increased revenue in the last quarter, 40% have seen a decrease and that is up 10% since the previous quarter.
The investment expectations in the East of England have sharply fallen, more so than the UK average (net -5% vs. UK average net 3%).
Employment figures have also slipped into a net negative this quarter with 13% of firms having decreased staff numbers, and 11% having employed more staff.
This presents a growing challenge for policy makers in the East of England who want to encourage growth and prosperity in the region. Whilst many of the challenges are not unique to the East, local focus should be given to creating employment opportunities and investment in small businesses.
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East of England Small Business Index Report 2022 Q2