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Report Reveals the State of Business Confidence in the UK

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The current pandemic has thrown drastic obstacles in the way for UK businesses.

ith a total business confidence score of 92.9 out of a total of 190, these figures show just how uncertain businesses feel at present – according to a new, Business Confidence Report by Nexus Global.

Nexus Global surveyed senior managers in businesses across the UK to determine how confident they feel at present regarding the current economic climate. According to the findings, businesses are most assured about the overall health of their business, yet least confident about the health of the country’s economy.

To determine the figures, respondents were asked (on a scale of 1-10) how confident they feel at present regarding the following aspects:

Leisure and sport is the least confident sector in the UK

Scoring just 51.6 out of 190, leisure and sport have been revealed as the least confident sector in the UK. As many aspects of the leisure and sport sector were deemed as ‘non-essential’, this industry has hugely lost out during the pandemic. Creative arts and design (60.66) and travel (69.77) closely followed.

While there is hope that the sector will pick up again as restrictions ease, uncertainty about what the ‘new normal’ will entail makes it difficult to predict the future of the leisure and sport sector.

Law is the most confident sector in the UK

Law has come out on top as the most confident sector, with a score of 109.3 out of 190. The science and pharmaceutical industry came a close second, at 109.1.

Northern Ireland is the most confident UK region

From a regional point of view, businesses in Northern Ireland are the most confident about the current climate, scoring 102.3 out of 190, nearly 10 points over the UK average. Whereas businesses in Scotland are the least confident by scoring just 83.8.

In Northern Ireland, businesses felt most confident about the happiness of employees, but least confident about the overall health of the country’s economy, this again is unsurprising given the current circumstances

Commenting on the report findings, John Westwood, Managing Director, says:

“It is by no surprise to see business confidence at a low during such an unsettling and turbulent period, during which the UK economy has suffered its worst-ever decline.

Looking forward, business confidence levels will be a key factor to influence the pace of consumer spending once lock-down measures continue to ease. This change in behaviour will need to see businesses adapt if they stand a chance of seeing growth.”

For more information follow the link to click through to individual sectors to discover more in-depth information on the current climate and future predictions.

https://www.nexus-global.net/business-confidence-report/