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Economy “Stuck in a Rut”: What Can Be Done To Help?

Companies in the services sector such as shops, hotels and restaurants have given up trying to hire new staff, the British Chambers of Commerce has warned.

The UK economy has had its wings clipped. When a slim majority supported the departure of the country’s spilt from the European Union, Britain became immediately vulnerable. Exports and imports were threatened and the general image of the UK as a top place to do business. Business confidence has fallen dramatically, with sectors such as construction and retail reeling from the departure of their EU workers as well as diminished demand.

In a recent economic survey, the British Chambers of Commerce has identified recruitment, or the lack thereof, as a major factor in Britain’s economic concerns. According to the report, recruitment levels have reached a 25-year low. Consistently strong employment levels may have contributed to recruitment difficulties, with fewer prospective individuals out of work and actively searching for employment.

Other issues outlined by the BCC have been reduced levels of sales and new orders within the manufacturing sector. Exports were expected to suffer post-Brexit, with domestic products less popular with our European rivals.

Suren Thiru, the BCC’s head of economics, said the decline was down to heightened economic uncertainty before Britain’s withdrawal from the EU. “The sharp deterioration of the share of firms attempting to recruit is a concern and reflects both persistent hiring difficulties and heightened economic uncertainty, which if sustained could materially weaken jobs growth,” Mr Thiru said.

Whether the economy improves or doesn’t, British businesses must focus on their finances before the Brexit deadline is reached. Employment may be strong, but skills shortages are still apparent and profits and demand are still thin on the ground for many sectors. Credit management companies like here at the Credit Protection Association can provide the necessary financial confidence to repair some of the damage caused by Brexit and help quicken the economy’s recovery.

While the debt recovery service at CPA has been successful for our Members, it is out credit monitoring facilities where we really come into our own. The combined power of our credit reports, credit checks, directorship register and County Court Data, all help our Members calculate the creditworthiness of customers and suppliers. This comprehensive overview prevents late payment and cash flow mismanagement, allowing our Members to help promote the health of the economy rather than contribute to its failure.

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The Latest Insolvencies to 08 Oct 2018

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