The difficulties within both the domestic and international economies are adding to the disruption for local businesses, says Mid Yorkshire Chamber of Commerce chief Martin Hathaway. The latest survey results from its Quarterly Economic Survey (QES), facilitated in partnership with the West & North Yorkshire Chamber of Commerce as part of the wider British Chambers research, point to a slowing down of economic growth and a resulting loss of confidence looking forward.
The Chamber says that more measures from the Government are now needed to head off or minimise the damage facing our local economy.
The last four quarters of QES results have evidenced surprising resilience, with demand remaining buoyant across the region. However, in recent months, a combination of inflation, a tight labour market and supply chain disruption appears to be restricting this upward trend.
Hathaway, managing director of the Mid Yorkshire Chamber of Commerce, said: “I am pleased to see B2B domestic sales growth, but it is concerning that manufacturing sales have slowed.
“We are recovering, but we have not recovered yet.
“Transport disruption coupled with the cost of living, fuel and raw materials is causing economic unrest.
“It is crucial that we see Government support and levelling up action to propel our region to the heights that we have the talent to reach.”
The chair of Leeds City Region Enterprise Partnership, Mark Roberts, added: “Inflation is the greatest challenge currently facing the majority of businesses.
“With CPI rising to 9.1% in the past month, and forecasts suggesting a peak above 10% in late 2022, it is likely that this issue will persist in at least the short to medium term.
“This is something that businesses within the region are all too aware of, with business concerns around inflation reaching a 30-year high.”