Mid Yorkshire Chamber of Commerce survey confirms economic slowdown

Sales and orders have slipped for many businesses, according to the latest survey from the Chamber, in partnership with the West & North Yorkshire Chamber of Commerce.

The survey also shows a fall in confidence across the region.

As well as asking businesses how their sales and orders have fared over the last three months, the survey also asks about future investment plans, pressure to raise prices and labour market issues. The recent controversies and adverse publicity facing the government has not helped an already difficult situation within the economy, and most now expect more choppy waters in coming months.

Martin Hathaway, managing director of Mid Yorkshire Chamber of Commerce, said: “It is concerning but not surprising to see a downturn in domestic and export sales, given the current economic climate. Businesses are being more cautious about investing and growing, while consumers are being equally cautious about where they spend their money with the threat of a recession making headlines.

“Looking ahead, I hope that the recent economic and political unrest will settle as Rishi Sunak takes up the position of Prime Minister. Mr Sunak must act quickly to drive our economy forward with clarity and conviction, ensuring that all regions are united in his approach. I am pleased to see a Yorkshire MP take on this role and look forward to the country getting back to work on the important issues at hand.

“We need a clear, concrete plan to enable businesses to plan ahead and look forward with passion and drive, rather than worry and hesitation. Despite the recent uncertainties, it is fantastic to see an uptick in training and development of staff across our region. While recruitment continues to be challenging for many, upskilling and developing existing teams is key to creating an efficient, skilled workforce to carry us through these challenging times.

“We will be driving this forward over the coming months, alongside our partners at the West and North Yorkshire Chamber of Commerce and the West Yorkshire Combined Authority, as we develop Local Skills Improvement Plans (LSIPs) for our sub-region.”

The full Chamber report can be found at https://www.wnychamber.co.uk/representation/qes/