Prospects for next year | Devon Chamber of Commerce

Devon Chamber of Commerce and Industry

T: 01752 220471

Prospects for next year | 08.12.17

Whilst the demand for labour remains strong and more people are in employment, there are signs that the economy is beginning to slow down. We have just completed our Quarterly Economic survey for the fourth quarter and for most companies, demand and sales during 2017 have been consistently good. However in the fourth quarter a greater number of businesses reported decreasing sales. This was the highest number of reports this year. This is a clear indication that the growth in the economy is slowing, this mirrors the stats reported by the Chancellor of the Exchequer, the Bank of England and others.

Prospects for next year are also lower at this point compared to the previous year, with a sharper increase in concerns that business conditions will worsen in the upcoming quarter. Businesses also report falling cash flow and expectation in investment, all of this indicates to a slowing economy.

The survey asked companies what they saw as the greatest threat of the economy in 2018 out of: rising oil prices, rising interest rates and the prospect of a ‘Brexit no deal’. Over 40% of respondents placed the possibility of a ‘Brexit no deal’ as the greatest threat, with rising interest rates in second place.

There is no doubt that it’s Brexit uncertainty which is seriously cooling the economy. For most businesses the prospect of the UK crashing out of the E.U with no clear plan is a matter of great concern. For this reason we are working closely with British Chambers of Commerce and the other business organisations to lobby the Government hard in agreeing a deal with Europe and bring greater certainty back into the economy.  All of this work can only be done with the continued support of our Chamber members, it is vital that companies in the Devon region band together under one clear voice to get this work done. To find out more please visit www.devonchamber.co.uk

 

news archive

Business vote tightens as referendum campaign heads to the finish line
10/05/2016
Final BCC pre-referendum survey shows that, with less than 50 days to go, a majority of businesspeople surveyed (54%) say they will vote for the UK to Remain in...

BCC: Welcome GDP figures, but infrastructure investment remains vital
27/07/2016
GDP growth in Q2 2016 rose to 0.6%, from 0.4% in Q1 2016 Services growth (0.5%), manufacturing (1.9%) and total production (2.1%) all rose, while construction (-0.4%) fell ...

The Collaboration & Expansion Of International Markets
04/05/2016
Donna Barnes, Director of Devon Chamber of Commerce Although some business owners and staff are sweating on the outcome of the EU Referendum – to be held in late...

VIEW ALL
chamber tweets

chamber patrons

33