The economy and you June 22

ended 12. June 2022

Tomorrow (Monday) morning at 07:00, we're getting the latest official GDP data, a snapshot of the UK economy. Suffice to say it's not expected to be great. We want to know how the economy is feeling for you right now, e.g.

  • How have things been for you over the past month or so?
  • Is the Govt doing enough to help businesses and charities, who are still struggling after the pandemic?
  • What would you say to the PM if you happened to bump into him in the local?
  • Are you feeling more or less confident right now than you were during the pandemic?
  • Are you worried about the future of your business or charity?

Any other thoughts, jot them down. No need to write an essay. Just 2-3 pars will do. We'll issue your thoughts to the local and national media tomorrow AM sharp. Deadline is midnight tonight.

7 responses from the Newspage community

Star Quote
As a small manufacturing and ecommerce jewellery business, we have found the past two months the toughest in our company's history. In April, sales plummeted by 35% and in May they where flat. I have been in the retail jewellery industry for 20 years and I have never been more anxious about the current economic situation we find ourselves in. With rising inflation, the cost of living crisis and consumer confidence being at an all-time low, the retail sector is heading for an apocalypse if the Government doesn't step in soon. For our business, sales are far worse now than they were in the pandemic. To try and increase sales we have had to offer more discounts, promotions and develop and craft cheaper products. This of course is not sustainable. With rising business costs and the ever-increasing gold price, we are been squeezed hard from all directions. The government is not doing nearly enough to support the retail sector. They need to act now and reduce VAT to 5% like they did for the hospitality industry during the pandemic. Without immediate action from the Government, the cost of living crisis will be the final nail in the coffin of the High Street and many small e-commerce retailers.
Star Quote
I am genuinely worried about the future of my business as customers are spending much less and are unable to support small businesses like mine due to the rising cost of fuel, energy and food. I cannot increase my prices as that risks losing customers and equally I cannot reduce them as the cost of ingredients has shot up. Many small artisan producers like me are in a Catch-22 situation. Lowering prices when raw material costs are skyrocketing just isn't viable.
As a money-saving app, you would have thought we would be thriving in the current climate, but people are being very cautious. Spending has been massively reined in and small businesses like mine are feeling it every day. We were hit really badly by the pandemic but the cost of living crisis is shaping up to be far worse. Small businesses are the beating heart of the economy, and if people stop supporting them, the current economic situation has the power to wipe them out. Even as a money specialist with a money saving app it’s getting harder to manage on what I pay myself.
Government have NO clue pre during and after pandemic Cost of being self employed and cost of living is killing any growth and families Call a general election Boris and let us the public decide.
Small businesses continue to be on the thin end of the wedge. Having barely scraped through the pandemic, we're now facing a painful recession. There's a constant worry that the phone will stop and the work will dry up. I thought I had time to replenish my depleted resilience reserves, but it appears not. Strap in fellow business owners, this ride is about to get bumpy. The PM also needs to note how charities are inundated with pleas for help. Annabel's Angels (of whom I am the chair, a trust for people undergoing treatment for cancer) has received twice the applications we usually receive, and now people are using the vouchers for daily essentials rather than clothing, bedding, replacing white goods. This is only going to implode, as food banks are running out of food and our communities struggle to cope. We must act now.
With figures like these, it's easy to understand why Boris was so keen to talk about bricks to benefit last week, along with some nonsense about allowing all our social housing to be sold off; as though that's going to solve anything; I guess it's a headline to take the pressure off having a sensible or pragmatic policy agenda. We are entering a period of prolonged economic problems, industrial strife and growing instability. On that basis, of course, I'm worried about business, not just for me but for the millions of people across our once United Kingdom that strive to make their lives better only to have them blighted through monetary and fiscal mismanagement brought about by idiotic Tory ideology and rhetoric. In all honesty, I'd love the PM to wander into my local boozer. We'd have a deep and meaningful discussion about his ideas and plans for the future. I can imagine the conversation now; 'err lorem ipsum dolor sit amet, consectetur adipiscing elit.' and my response - Boris, let's you and I have a private chat in the car park. I'll show you what I think of your blue-sky thinking, now get outside. I imagine this type of debate would probably garner favour with the majority of the public too. The invitation is open.
There is definitely growing concern among small businesses over the future at the moment, thanks largely to the increases in the cost of living, particularly energy and fuel costs. This concern is reflected in potential clients taking longer to make purchase decisions, especially for big ticket items. One thing the Government could do to help small business would be to impose a cost cap on business energy, similar to the consumer cost cap, so that at least businesses could plan against a known cost rather than trying to second guess the energy market. Of course, businesses and consumers would also benefit from a reduction in fuel duty (although I think this would only work if the fuel companies were legally compelled to pass it on to the consumer, rather than using it for hedging as many have done). If I met Boris in the pub I think I'd sympathise with him on the difficulty in managing ramshackle hair. I think for our business my confidence levels are back down to where they were during the pandemic. We are fortunate to have many loyal clients so I am not worried about our short term survival, but I do worry that we may have yet another year with little measurable business growth.