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Rowleys’ event highlights business confidence amidst economic uncertainty

25th March 2024

Rowleys hosted a Budget Breakfast event at Winstanley House, following the latest Budget announcement on 6th March. Attended by over 40 organisations and business owners from across the East Midlands, the event provided a platform for insightful analysis and discussion on the recent Budget announcements and their implications for businesses in the region.

At the event, Rowleys’ tax experts shared comprehensive updates on the key Budget announcements and provided expert analysis. Amidst the current economic landscape and with a forthcoming general election looming, the audience actively engaged in discussions and assessments of the potential impacts on their businesses.

A series of questions posed to the attendees offered valuable insights into the prevailing sentiment among businesses in the region.

When asked about the anticipated impact of the Budget announcements on their businesses and plans for the next 12 months, a significant majority (65%) indicated that they would have a minimal impact, demonstrating a degree of resilience and adaptability amidst changing economic conditions.

Contrary to expectations, a substantial 72% of respondents stated that they were not holding back on long-term or investment decisions despite the economic uncertainty and the upcoming general election, reflecting a commitment to growth and innovation.

Identifying the biggest challenges anticipated in their businesses over the next 12 months, respondents highlighted concerns such as rising costs (66%), recruitment and the availability of skilled personnel (56%), and economic uncertainty coupled with the availability of finance (31%). The upcoming general election and developments in technology were also cited as notable considerations. Surprisingly, developments in technology such as artificial intelligence, ranked surprisingly low, with only 25% of participants citing this as a key business challenge.

Business confidence appeared relatively high among attendees, defying the prevailing economic landscape and uncertainties associated with the impending general election. The event highlighted the resilience and determination of businesses in the East Midlands to navigate challenges and pursue opportunities for growth.

Commenting on the event Rowleys’ Head of Tax and Partner, Mark Hook, stated: “We are delighted to have hosted such an insightful gathering of business leaders and professionals from across the East Midlands.

“The positive responses to our polls and the constructive discussions at the event, demonstrates the resilience and determination of businesses in our region.

‘Despite the challenges ahead, it is evident that businesses are adapting, innovating, and moving forward with confidence.”

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