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GDP data October 2023

ended 12. December 2023

Tomorrow morning at 07:00, the latest official GDP data is being published, which will give us an insight into the health of the UK economy. This story always gets widely covered by the local, national and trade media and is a good opportunity to have your say, so a selection of Qs ahead of it:

  • How has business been for you in 2023?
  • What have been the main challenges you've faced in 2023?
  • How are you feeling about 2024 as this year draws to a close?

Any other thoughts, fire away.  We'll issue your comments to the media tomorrow AM when the data drops.

9 responses from the Newspage community

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Charles Breen
Founder at C B
The first half of the year was an absolute car crash as Liz Truss and her pyrotechnics brigade eviscerated consumer confidence and pulled the rug from under the property and mortgage market. However, in the second half of the year, activity levels have jumped considerably, and our business levels have ended up matching last year. We are now in a very strong position going into 2024 and beyond. We are getting a lot of first-time buyers who are exploring their options and putting everything in place for setting out on the journey to homeownership next year. We have also seen a marked uptick in debt consolidation enquiries, as people are trying to cut costs, especially on high-interest credit card debt that they have accrued over many years of record low-interest rates.
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Jo Smedley
Chief Candlestick Wielder at Red Herring Games
2023 has been our toughest year on record. The energy crisis, the slow post-pandemic recovery and the need to start paying back Covid loans before the retail and events industry had fully recovered from Brexit and Covid have been tough. Add to that the increased costs of the minimum wage and the "not quite recession" that everyone is worrying about, and you have a perfect storm for small businesses. Cashflow has been especially tough this year. Everything costs more to buy in, and sales aren't as strong as they were prior to Covid yet. We've also been fighting a trademark case in the USA, and lawyers in the US aren't cheap. We've had good news on the trademark front, made some drastic changes in the business and I'm feeling hopeful about 2024. Sales are increasing and we have a great team of staff here to get us through.
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Kerri-Ann Hargreaves
Director - IronMarket Talent at IronMarket Wealth
The main challenge we have found as a recruitment business is navigating how to support businesses contending with escalating salaries and benefits, along with a heightened demand for flexible working arrangements. The current job market is robust. Within the finance and accountancy and engineering sectors, businesses have continued to hire in preparation for the start of 2024 or, in most cases, before the end of the year.
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Craig Fish
Director at Lodestone Mortgages
Surprisingly business has been on par with 2022, which is welcome, but most of that business was done in the first two-thirds of the year. The last third has been abnormally quiet, though is now starting to pick up. The biggest challenges are a significant drop off in buy to let, and people wanting to move home, resulting in the property market coming to a standstill. This renewed interest, along with the expectation that rates will continue to drop, and that base will also drop next year, all give me hope that 2024 will be at least as good as this year, but hopefully better.
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Gary Bush
Financial Adviser at MortgageShop.com
2023 has been a very challenging year due to the fixed-rate mortgage chaos. Despite this, our numbers are up on 2022 and we expect to finish with a good December. Brokers have had to spend so much time in recent months constantly reworking clients' cases to ensure that they complete on the most suitable rate for them. It's been a little bit like a plumber going back to a boiler installation half a dozen times, and very time-consuming. We expect, or at least hope, that 2024 is going to be a much easier-to-navigate year now that fixed mortgage rates have started to show more usual signs for mortgage applicants.
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Jamie Thompson
Mortgage Broker at Jamie Thompson Mortgages
This year has been the best yet for my one-man band mortgage business. Despite all the doomsayers around the housing market in the UK, mortgage brokers offering great service seem to do well. That probably extends to most industries. With interest rates falling and buyers now confident they can secure houses below asking price, I don’t see why 2024 shouldn’t build further on 2023. I’ve seen many of my young clients have significant pay increases over the past three years, way beyond inflation so the idea that everyone is suffering is not true.
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Jenny Blyth
Small business owner at Storm in a Teacup Gifts
As 2022 came to an end, I breathed a sigh of relief that such a hard year was over. Little did I know that 2023 was going to be even harder.
With rising costs throughout the year and a government that can't see the wood for the trees, I have felt stress like I've never known. The mental health of the small business community has taken a huge hit with more closings due to a lack of custom. In a usual year, I find that September and October are my busiest months but this has now changed. Last year November was busy and this year people have waited until December to do their shopping. The public is struggling and waiting until the last minute to spend with the little they have, which in turn means my cash flow is low right up to the very end of the year, just in time to do my tax return. This isn't a way to live and finding a second job seems to be the new norm.
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Adam Smith
Founder at Alfa Mortgages
Things have been ramping up every week in recent months, and honestly, we're still swamped. With inflation on the decline, lenders cutting rates, and house prices taking a dip, we're sensing the market is heating up and will be ablaze come January.
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Graham Loosley
Partner at Mercian Accountants Ltd
2023 has been a year of turning setbacks into comebacks. Despite the headwinds posed by the pandemic, our accounting firm managed to not only stay afloat but also thrive. We've focused on innovation and client-centric solutions, which have been crucial in these times. Our resilience was further recognised when we were invited to join the Handpicked Accountants portfolio, a part of the Begbies Traynor Group. This accolade, highlighting our commercial expertise and strong client relationships, has been a feather in our cap. Our client base grew remarkably this year, diversifying across various sectors and enhancing our industry expertise. The pandemic's impact led to the temporary closure of our PR company, but in 2023, we successfully reopened it, marking a significant stride in our business journey. Looking to 2024, we're optimistic. The revival of our PR venture and our expanding, diverse client base are the driving forces behind our confidence in continued growth and success.