Business confidence returning to pre-pandemic levels

10 Jul 2024

Data published by the British Chambers of Commerce (BCC) has revealed that business confidence is returning to pre-pandemic levels.

According to the data, business conditions, measured by sales and cashflow, improved in the second quarter of this year and returned to pre-pandemic levels.

58% of firms anticipate an increase in turnover in the next 12 months, the BCC found. Additionally, fewer firms expect to increase their prices in the next three months.

38% of businesses reported an increase in domestic sales over the previous three months, whilst 20% reported a decrease.

Commenting on the data, David Bharier, Head of Research at the BCC, said: 'The latest results from our QES show that both business conditions and business confidence have improved, albeit from a relatively low base. 

'The last four years have seen SMEs deal with one crisis after the other, from Covid lockdowns to supply chain breakdowns and new trade barriers with the EU. As some of these crises have ebbed, more SMEs are regaining confidence and reporting increased sales and cashflow.'