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  • This month’s GC survey report findings are based on 193 surveys completed with firms (almost all in Greater Manchester), between the 5th December 2022 to 6th January 2023.
  • The latest results show that confidence continues to be strong in the face of difficult economic circumstances. However, the main risks are high costs, supply chain issues, and cashflow issues.
  • Cost risks have increased slightly in the latest survey and is a major problem for over a third of firms, and cashflow problems are continuing to affect a fifth of businesses as a serious risk.
  • The main business support needs are innovation support, planning, and marketing; and whilst recruitment /vacancy numbers are falling, over half of firms have reported workforce skill gaps.
    • The main gaps in workforce skills reported by survey respondents are sales skills, management & leadership, digital skills, and team leadership / team working.

  • The latest economic data from ONS shows that the UK is estimated to have entered a recession in the third quarter of 2022, which could last until the end of 2023.
  • While the duration of the current downturn may be relatively long, the drop in activity is expected to be mild by historical comparisons.
  • Inflation is squeezing households’ purchasing power, and is expected to gradually ease during 2023 but not before leading to a rise in interest rates and cooling of the housing market.
  • Business investment will be hit by higher interest rates, continued uncertainties, and energy price risks. The outlook could turn more positive, if energy costs drop back to previous levels.
  • The number of UK registered company insolvencies in November 2022 was just over 2,000: 21% higher than in the same month in the previous year, and 35% higher than the number registered 3 years previously.
  • Insolvencies averaged just under 6,000 for the last quarter of 2022 – level last seen only during the major recessions (2008, and 1992). RedflagAlert predict roughly 27000 insolvencies through the year.