Confidence levels increase despite looming Brexit deadline

Chamber Q3 Quarterly Economic Survey (QES) results show a substantial increase in confidence levels around turnover and profitability despite a looming Brexit deadline, different to what was observed in Q1 in the run up to March 31^st Brexit deadline.

Cashflow position has worsened, along with the return of price pressures, showing a sharp increase in businesses expecting to increase prices of their goods/services over the next three months.

Current and future recruitment activity has risen after last quarter saw a dramatic drop, sales and orders have also risen back up this quarter, bringing an end to a run of three quarters where businesses were increasingly reporting worsening levels of sales.

Simon Beardsley, Chief Executive of Lincolnshire Chamber of Commerce, said: “Although some of our results are at odds with the national picture, on the whole Q3 results are very positive especially in the lead up to the all-important deadline, which shows different results from Q1 run up to the March 31^st deadline where local business confidence levels plummeted.

“We can’t be sure on what is different this time around to that of the March 31^st deadline, however it does pose some questions – are businesses confident in Government plans for a potential no-deal Brexit? do they believe that a deal will be struck? Or have they just given up?

“With these questions and other areas of concern for businesses, we are continually looking for ways to support businesses through the uncertainty of Brexit and I am delighted to announce as a Chamber we have been awarded a Business Readiness Fund which aids the support and guidance for private businesses to consider and adapt their business practices in advance of EU exit.”

A detailed discussion of the Q3 QES results will be given at a QES Breakfast Briefing on Tuesday 22^nd October at Commerce House, Lincoln, secure your place here, we’ll also hear from Richard Jones, Chamber Assembly ambassador for a low carbon future.

Further details on the Business Readiness Fund will be available on the Lincolnshire Chamber of Commerce website in due course.

Cllr Colin Davie, executive member for economy and place, said: "I think the results show that, whatever the circumstances under which we leave the EU, county businesses are confident in their ability to navigate any initial disruption they may face. The county council and its partners will be on hand to support them through any challenges they encounter and help them take advantage of the new opportunities Brexit brings. I'm optimistic for the future and look forward to raising the profile of our county's first-class firms and products both at home and aboard over the coming years."