In July 2024, 23% of trading businesses reported a decrease in turnover compared to June, while 16% saw an increase, and 53% experienced no change. These figures are relatively stable compared to the previous month.
These findings are from a report entitled Business Insights and Impact on the UK Economy: 22 August 2024, which provides insights into the challenges facing the UK economy and their impact on businesses, based on the voluntary fortnightly Business Insights and Conditions Survey (BICS). The survey offers real-time data on various aspects affecting UK businesses, including financial performance, workforce, trade, and resilience.
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Other key findings show that in September 2024, 17% of trading businesses expect their turnover to rise, up from 14% in August, while 58% anticipate it will remain stable. The percentage expecting a decline decreased to 13%.
Over 20% of businesses reported increased prices for goods or services purchased in July 2024, compared to June. However, fewer than 10% reported higher prices for goods or services sold. Expectations for price stability in September 2024 decreased, with a 5 percentage point drop to 64%. The proportion of businesses expecting to raise prices increased to 12%, primarily due to rising labor costs.
Global supply chain disruptions affected fewer than 10% of businesses, with 10 or more employees in July 2024, a trend that has remained steady since June 2023.
Approximately 63% of businesses expressed concerns about their future prospects for September 2024, an increase of 3 percentage points from August. The most common concern was falling demand for goods and services, cited by 20% of respondents.
More information:
Office For National Statistics
www.ons.gov.uk