As reported by the Office for National Statistics the UK economy unexpectedly shrank in August, strengthening predictions that the UK will fall into a recession. Analysts thought the economy would stall in August as costs mount for businesses and households - but not shrink!
Research conducted by Velocity Smart in September 2022 of 1,000 UK business leaders showed they do not have total faith in the current administration. More than half (51%) are reported to be unsure or do not believe the policies proposed by the government will help the UK avoid a recession.
This result is merely a sneak peak into the full investigation Velocity Smart have conducted to gain insight from UK business leaders into their economic beliefs as the pending recession looms and how they are looking to support future workplaces in the UK.
You can download the full research here.
Speaking on the findings, Anthony Lamoureux CEO and co-founder of Velocity Smart, said, “It’s hard to hide from the doom and gloom messages that are encircling the world around economic uncertainty but despite this, business and technology leaders still have a job to do - and with 2022 coming to a close, 2023 planning must be approached with a growth mindset.”
“By not investing during a recession, you are only starving your business. It is either “slower death” just delaying, but not averting, the eventual downfall, or, at best, leaves you with less available cash and less market share - therefore stopping you from seizing any opportunity that arises once out the other end.”
“It may be hard to see, but it’s best to invest now, when businesses still have the capital to invest in new technology which can actually work to lower operational expenditure next year, therefore saving money in the long run.”
Lamoureux concludes, “More millionaires are made during a recession than any other time. If you are clever, hold your nerve and invest wisely now you are going to appear the “stronger choice” for your customers.”