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Latest GDP data Dec 22

ended 11. December 2022

On Monday morning at 07:00, we're getting the latest GDP data, which is a snapshot of the UK economy. Selection of Qs below. PLEASE note: this alert is for small businesses and charities to speak about how the economy feels for them right now — macroeconomic comments will be deleted. A separate alert will be created for those.

  • How are things for you as a business or charity right now, i.e. how does the economy feel for you on the ground?
  • Are you confident about the economy and your business/charity in 2023 or do you think things will get worse?
  • Is the Government doing enough to support small businesses and charities during these difficult times? What should it be doing in your opinion?
  • Are you doing anything to try and protect your business or charity as we enter what could be a very long recession?

Any other thoughts, jot them down. We'll do our level best to get them published in the local and national media next week.

11 responses from the Newspage community

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Sheju John
Founder at Parakeet Books
Things are desperate for tiny businesses like ours right now. We are on the brink. We're both supplementing our income with other work. With inflation in double digits, interest rates rising and many people struggling to heat their homes, the economic situation is dire. Against that backdrop, how can we expect people who can't afford to put the heating on to buy new kids' books? It's brutal out there and the signs are that it will get worse in 2023.
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Michael Thomas
MD at DARWIN.vip Business Academy
Many members of my online business academy are concerned about the future. As ominous as it is shaping up to be, 2023 can still be a positive year if business owners keep on exploring efficient and effective ways to grow, and focus on providing great value. Those who choose to scale down will likely experience more challenging times. I don’t think the Government really understands small businesses. Instead of throwing money at problems, they need to create more accessible routes to industry-specific expertise, so that small business owners can get advice from people with relevant experience. To boost GDP, or at least reduce the depth of the recession ahead, we need some lateral and joined-up thinking. We need a Government that's capable of creating long-term initiatives that join the dots and help SMEs to thrive.
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Lucinda O'Reilly
Director at The International Trade Consultancy
I'm seriously considering leaving the country. There's zero Government support for companies like mine. We're simply expected to struggle on whilst paying higher and higher taxes. The Government needs to think about how much worse the economy will be after they've driven out hardworking people with valuable skills. I'd like to see the data on how many people are doing two or more jobs to pay the bills. I work Monday to Friday on my business and have got a part-time job at weekends to supplement my income and give myself more time to get the business where it needs to be.
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Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
The economy is hurting businesses. We have seen new business dry up over the past three months. Our clients are worried about inflation, the recession and the Government. Confidence is at an all-time low. It’s really disappointing that the Government seem to be devoid of ideas for businesses like mine. They have increased corporation tax and personal taxes at a time when inflation is killing us, and the energy cap on business bills is set far too high.
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Ian Hepworth
Director at Funding Solutions UK Limited
The performance of the economy in the three months to October is a better reflection of its health than the October figure itself. Looking forward, periods of growth in GDP typically follow periods of high unemployment. The UK has very low unemployment. This means that GDP growth will need to come from immigration, upskilling the workforce or innovation. The Government needs to set up schemes to attract global talent. SMEs need to be encouraged and incentivised to train staff and invest in new technology. Innovators should be helped, encouraged and celebrated. We have all the components necessary to defy the recession ahead, we just need entrepreneurial thinking from the Government.
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Zaid Patel
Director at Highcastle Estates
We are doing our best to protect our business by spending more time on marketing. The power of social media is only increasing, so educating our audience and potential clients about what is going on in the property industry is more important than ever.
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Gary Boakes
Director at Verve Financial
The government knew this was coming, but still felt it was the right decision to increase corporation tax. Keeping small businesses thriving and business start-ups helps the economy and we are now being financially affected even more. Just as happened during the pandemic, businesses are going to have to adapt and change and we have seen some great success stories over the past few years. People can look at the recession and be defeatist before it has started or look for the opportunities that will rise. As a mortgage and financial advice firm, we have already seen an increase in people wanting financial advice and, as a new growing business, this is our opportunity over the next 12-18 months. I have no doubt it will be hard, with sleepless nights and anxiety, but that is the challenge ahead.
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Robert Bolohan
Co-Founder at Lotuly
We had the slowest October in two years. Businesses are battening down the hatches ahead of an ominous year or two ahead. For many businesses, things look set to get worse in 2023 and we hope that with the ever-changing situation we can battle through it and still survive. We are striving to pivot into other opportunities within the industry we work in and are also tapping into side hustles. Small and micro businesses don't seem to be on the Government's priority list, until it comes to tax. We've put our prices up and are trying to tap into working with a subscription model of business to try and maintain our turnover.
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Adie Callaghan
Owner at New Forest Hamper Company
Trading has been a real eye-opener in the past few weeks and very, very tough. Almost as tough as Auntie Rosie's sprouts. While we've seen a bit of a growth spurt in the past couple of weeks, overall our revenues are nothing like previous years. We've sadly had to reduce the number of seasonal staff we would normally employ for the Christmas season and have also had to keep eagle eyes on stock levels to maintain cashflow. The Government is pitiful and that's being polite. Supply chains are decimated, prices are sky-high and even after we've got everything out of the door to clients, we're now grappling with massive courier delays. 2023 feels bleak.
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Austyn Johnson
Founder at Mortgages For Actors
As a whole, business is still steady. Last year it grew well and this year, it's kept at a good level. Even though buy-to-let tailed off, residential and commercial trabsactions picked up. I am confident that we will still be stable for the next two years, and I can see some good opportunities for growth despite the turbulence ahead. Where one door closes, another opens. I have not relied on any Government help, and the people I speak to that have taken things such as Bounce Back Loans have all said that they wished it was made clearer as to their later impact. I do not advise it unless absolutely necessary. Keep working, stay proactive and diversify if needed. When the queue at McDonald's Drive-Thru dwindles away to nothing, I'll start to worry. Until then, keep your head down and pick up the phone.
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Ben Maddock
Co-Founder & Event Director at Events Made Simple
The events industry has had a tough few years and 2023 is shaping up to be another rough ride. However, while the impending recession will certainly impact our sector, it’s unlikely to be as damaging as the lockdowns during the Covid pandemic, which saw businesses like ours closed for long periods of time. Looking ahead to next year, we expect the trend of companies offering remote and flexible working to continue as it’s a good way for businesses to save on the cost of running and heating office spaces. Despite the challenging economic outlook, our hope is that we will continue to see an increasing number of companies bring their teams back together for off-site corporate events, conferences and team away-days as team building events are an effective, low cost way to encourage team collaboration and boost employee engagement.