The SCR Chambers: East Midlands
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Businesses look to a new decade with confidence
After a prolonged trading period dogged by uncertainty and political inertia, it’s no surprise that economic performance was underwhelming in 2019. But, with a majority Government now in place and Brexit finally put to bed, can businesses afford to look ahead with confidence? East Midlands Chamber takes a closer look at the findings of
the Chamber’s latest Quarterly Economic Survey to see how the future is shaping up.
clear in the early hours of that fateful June morning in 2016. It represented a seismic shift for the country
U
as a whole, with some looking at it as a brave new world and others claiming the end was nigh. The reality, as always, lay somewhere in the middle. Since then, however, the country and the
economy entered a perpetual state of inertia as politicians argued about the best way forward and the date of our actual departure was under constant revision. The impact on the economy
was stark. Like everywhere,
businesses in Derbyshire, Nottinghamshire and Leicestershire were not immune. Our businesses, as they
ncertainty became a watchword which has dogged the UK’s economy ever since the results of the EU Referendum became
The performance of the economy throughout
2019 was again underwhelming, characterised largely by the UK’s ever-changing but never- realised departure from the EU, which had a material impact on the decisions being taken by customers and business owners alike. It meant that businesses in our region ended
the year pretty much as they had started it, unclear on the direction of travel in terms of business policy and Brexit. This was the picture painted by the findings of
the Chamber’s latest Quarterly Economic Survey, for Q4 2019, which captured business sentiment in the run-up to December’s General Election and before the Withdrawal Bill was passed. Advanced orders slowed in
‘2019 was perhaps emblematic of the general malaise
always do, simply knuckled down and got on with things as best they could, in spite of the political uncertainty surrounding Brexit and turbulence in the global economy. Despite not having the luxury of clarity to
shown in the wider economy’
base their decisions on, they kept things ticking over to ensure that while it might not have been motoring ahead, the regional economy was still moving forwards. 2019 was perhaps emblematic of the general
malaise shown in the wider economy, despite the best efforts of business to keep calm and carry on.
46 CHAMBERconnect Winter 2020
the final quarter of the year, particularly in the manufacturing sector, while any growth in overseas activity remained modest. Longer-term confidence softened quarter-on-quarter for turnover expectations and
remained flat for profitability. There was an increase in those
seeing their workforce grow over the past quarter, however there was a
decrease in those expecting to grow employee numbers over the coming quarter. Meanwhile, there was a sharp increase in
those experiencing the perennial issue of sourcing and recruiting the right employees, especially in unskilled or semi-skilled roles. However, Q4 delivered reasons for optimism
ahead of a year that, on the face of it, should offer a more stable and certain business climate.
How will a more stable political climate impact the findings of Q1 2020?
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