Bedfordshire Chamber of Commerce


Bruised, but not beaten: facing the future with resilience


Justin


Richardson CEO


Bedfordshire Chamber of Commerce


T e latest Quarterly Economic Survey (QES) from the British Chambers of Commerce (BCC) – the largest snap- shot of UK business sentiment ahead of this month’s Budget – paints a sobering national picture. Confi dence and investment remain stubbornly fl at, with many fi rms clearly feeling the strain of prolonged cost pressures and policy uncertainty. According to the survey, fewer than half (48%) of UK


businesses expect turnover to rise over the next 12 months, while just over one in fi ve anticipate a decline. Investment remains subdued, too: only 21% have increased their plans, with a quarter scaling back. At the same time, concern over taxation has risen sharply, alongside renewed worries about infl ation.


T is is not a story of collapse – but it is one of bruised


resilience. As David Bharier, Head of Research at the BCC, rightly observed: “Ahead of the Chancellor’s statement next month, our survey shows many fi rms remain bruised and are not ready for another Budget battering. For 12 months, SMEs have told us the same story: rising costs, weak investment and little sense of relief on the horizon.”


A challenging national backdrop Taxation has emerged as the single biggest concern for fi rms (cited by 59%), up from 56% in Q2 and dramatically higher than before the 2024 Budget. Infl ation, too, is back on the agenda, with 57% of businesses citing it as a key worry – the highest level this year. Meanwhile, labour costs remain the most signifi cant


pressure, highlighted by 72% of respondents. This is particularly acute in hospitality (80%) and transport (78%).


ALL THINGS BUSINESS | 56


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