What happens next?
Is your business inherently viable but you’re struggling to plan for an uncertain future, amid spiralling costs?
None of us has a crystal ball but it’s fair to say that we are in the “eye of the storm” and many financial pundits fear the crisis will deepen before it improves.
As always the CBBR team wants to reassure people that there are options worth exploring – and early intervention can be key. We are here to help and it’s vital to reach out for professional advice and support as early as possible.
Described as a perfect storm, the current situation is down to a complex array of issues, including the Russian invasion of Ukraine, spiralling inflation, record fuel prices and climbing interest rates.
Combined with UK industrial action in some sectors, a recruitment crisis and rising staffing costs, it truly has become a perfect storm
On a positive note, Lloyds Bank UK Sector Tracker has just reported that some sectors did report increased output during June. However, businesses across the economy saw weaker demand, as inflation dampened customer spending.
Report highlights showed:
- 9 out of 14 sectors posted higher input in June – one more than during May.
- Input cost inflation slowed for the first time this year, but remained steep
- Demand weakened economy-wide, with nine sectors seeing new order volumes contract. This was the highest number since January 2021.
- Employment growth lost momentum, as future output expectations fell.
Read the full report at:
Majority of UK sectors show output up, despite weakening customer demand – Lloyds Banking Group plc
Please get in touch if you have concerns, for a free, no-obligation initial chat. It’s also worth checking out the blog that we published in November, which gives an overview of options available:
Don’t delay – prompt professional advice is vital – CB Business Recovery (cb-br.co.uk)