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Business Insights And Impact On The Uk Economy

20th May 2022

The impact of challenges facing the economy and other events on UK businesses. Based on responses from the voluntary fortnightly business survey (BICS) to deliver real-time information to help assess issues affecting UK businesses and economy, including financial performance, workforce, trade, and business resilience.

Businesses continued to report input price inflation as the main concern for their business for May 2022 at 26%, up from 24% in April 2022, and energy prices at 20%, compared with 21% in April 2022.

In April 2022, 22% of businesses not permanently stopped trading with 10 or more employees experienced global supply chain disruption; this was up from 20% in March 2022.

In early May 2022, 13% of businesses reported a shortage of workers, a slight decrease from the 14% reported in early April 2022; the accommodation and food service activities industry continued to report the highest proportion of businesses experiencing worker shortages, at 34%.

In April 2022, 64% of businesses currently trading with 10 or more employees reported experiencing a challenge while importing and 59% reported a challenge while exporting, with both figures representing a fall from March 2022; the biggest fall was seen in businesses reporting additional paperwork as an exporting challenge.

In early May 2022, approximately 1 in 10 (11%) businesses reported there had been more innovation within their business since March 2020; the improvement of existing products and services was the area where innovation increased the most.

Read the full report from ONS at -
https://www.ons.gov.uk/businessindustryandtrade/business/businessservices/bulletins/businessinsightsandimpactontheukeconomy/19may2022