GC Business Survey

Latest report: 02 November 2025

The full GC Situation Report contains detailed data on the economy, and results of the GC Survey and Business Confidence Index. It also provides headline data for local authorities in Greater Manchester.

Download the latest full GC Situation Report here.

Download the report infographic here.

GC SITUATION REPORT AND BUSINESS SURVEY RESULTS

UK Economic Performance

The UK economy grew by 0.3% in the three months to August 2025, driven by services and construction, while production declined. Retail sales rose 0.5% in September, boosted by tech and gold demand. The Composite PMI increased to 51.1 in October, indicating modest private-sector growth, though manufacturing remains weak. Forecasts from OECD and EY ITEM Club
suggest steady but modest growth for 2025, with slower momentum expected in 2026. Business and consumer confidence softened amid policy uncertainty, leading to cautious hiring and investment. The Bank of England’s base rate remains at 4.0%, while Brexit continues to weigh on trade and productivity.

Survey Summary

The GC Business Confidence Index rose slightly to 7.3, reflecting modest improvement in sentiment. Firms in Business, Financial and Professional Services, Digital and Creative, Manufacturing, and Green Tech reported above-average confidence, while Construction, Retail, and Engineering remain more subdued. Investment expectations and workforce development plans remain consistent, indicating a continued focus on growth and productivity. Cash reserves remain healthy, and insolvency risk indicators have eased slightly, suggesting improved financial stability across most sectors.

Recruitment activity remains steady, particularly among larger SMEs and in sectors such as business services, education, retail, and green technology. However, ongoing workforce and technical skill gaps continue to affect productivity, particularly in sales, leadership, and advanced IT disciplines.

Innovation and digital transformation remain central to business growth strategies. Many firms have invested in new or improved services, with strong intentions to expand research and development activity in the coming year. AI adoption continues, reported by over two fifths of firms surveyed, particularly in data analytics, customer engagement, and automation.
Looking ahead, firms are most likely to seek support in business planning, marketing, innovation, and workforce development, with smaller firms focusing on strategic growth and larger firms prioritising digital and environmental transformation.

Key Findings

GC Business Confidence Index (GC-BCI): Business confidence stood at 7.3 (up from 7.2); confidence higher in Business Financial
& Professional Services, Manufacturing, Hospitality and DCTs; and lower than average in Construction, Green Tech, Retail, and
Engineering.

Sales and Profits: 17% (vs 16%) of firms reported an increase in sales, and 9% (vs 10%) reported decreased sales in the last 12
weeks.

Investment: 32% (vs 33%) of firms expect to increase capital expenditure in the year ahead; 32% (vs 30%) of firms plan to
increase workforce development investment. Sectors more likely to report an increase in future are BFPS, Service Activities,
Green Tech, Retail, and Education

Cashflow Issues: 12% (unchanged) of firms reported cashflow problems and higher risk reported in Construction, DCTs,
Manufacturing, and Health Care.

Trade: 24% of firms (vs 22%) export goods/services, with 18% (vs 17%) expanding into new markets

Future Support Needs: Business planning 31%, sales & marketing 30%, innovation 31%, workforce development 30%, financial
advice 22%.

Recruitment and Skills: 25% of firms recruiting; higher among SMEs; most active in BFPS, Education, Green Tech, and Retail.