Business Insights And Impact On The UK Economy

22nd September 2023

More than a quarter (27%) of trading businesses reported turnover had decreased in August 2023 compared with the previous calendar month, this is up 2 percentage points from July 2023; in comparison 15% reported their turnover was higher, down from 17% over the same period.

More than one in six (18%) trading businesses expect their turnover to increase in October 2023, the same proportion that had these expectations for September 2023; meanwhile 54% reported that they expect their turnover to stay the same.

More than a quarter (26%) of trading businesses reported an increase in the prices of goods or services bought in August 2023 compared with July 2023, down 4 percentage points when comparing July 2023 with June 2023.

Less than one in six (14%) trading businesses expect to raise the prices of goods or services they sell in October 2023, down 2 percentage points from expectations for September 2023.

Almost one in five (19%) trading businesses reported that their performance had decreased in August 2023 compared with August 2022; this was broadly consistent with July 2023.

In early September 2023, nearly a quarter (23%) of trading businesses reported that they expect their overall performance to increase over the next 12 months; this is broadly consistent with early August 2023.

Read the full report HERE