Profound economic challenges maybe, but some optimism too, please?
As our new Prime Minister, Rishi Sunak, warned in his first statement – we are facing profound economic challenges. David Tilling, CEO of eCapital UK, provides his view on the market as our thoughts turn to closing off 2022, and why he is trying to remain optimistic as we look forward to a new year.
This year is fast drawing to a close – and who could have imagined, at the beginning of 2022, what turmoil lay ahead?
Political upheavals, a war in Europe, an energy crisis, rising interest rates, inflation at an all-time high and a resultant cost-of-living crisis. It seems extraordinary that, having survived a pandemic and adapted to volatility and uncertainty as a way of life, we are now faced with a landscape that continues to test even the strongest of businesses as we strive to grow and stay competitive.
The start of the year saw activity across the economy continue to expand, but economic headwinds were picking up and UK businesses were beginning to feel the impact. Headlines about the state of the economy are hard to ignore, with many businesses dealing with the sharp rise in costs and concerned about the effect this may have on both consumer and business confidence and subsequent demand.
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