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5 Tips To Make Your Business Stand Out In A Crowd Of Competitors

Separating your business from the pack is key to success in any industry. How do you make sure your business stands out from the rest? Superb service and product quality are critical, but how your business is marketed and perceived will also decide your success and growth. With that in mind, let’s look at our five tips for helping your business stand out in a crowd of competitors.

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Tip 1: Establish Your Selling Point
What actually makes your business special? Why should a consumer choose you over a competitor?

Having an answer to these questions will determine your business’ selling point and is the steppingstone towards proving your ‘why’ to consumers. Establishing this early on is paramount or your confidence as a business owner will be lacklustre.

After your selling point is cemented the next challenge smaller businesses often face is gathering the team to support these operations. This can be mitigated through virtual office providers such as Servcorp which offer businesses a fully trained support team. As a small business, having your own receptionist, secretarial assistance and I.T support without needing to undergo the hiring and training process is a large cost plus time saver – after all, your time is money.

Businesses also receive this staff support at the fraction of the cost they would otherwise be paying.

Tip 2: Present a professional working environment

Many businesses find it challenging to create a professional working environment to impress their clients, especially for newer companies competing in major global markets on a limited budget. Traditional office spaces require long and costly leases, with break-out clauses only every few years, if at all.

A more convenient and cost-effective solution is a serviced office. These can be rented at a far less cost than a traditional office, whilst still being located in major business hubs like London and New York. Moreover, customers will enter an unbranded reception area allowing businesses to imply that they control the entire floor.

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Tip 3: It’s all about Marketing
Your product may be superior to competitors, but it will all be meaningless without adroit messaging and unique marketing. Your business is likely to have thousands of competitors, which is why the first step is to complete a competition analysis.

Comprehensively understanding what your competitors do well, recognising trends and identifying where others are failing will provide your business the strategic insight needed. From this your business will have a decisive direction on its marketing goals, however finding new methods to secure a commercial advantage will accelerate your point of difference.

For example, using a virtual office can provide an established look for smaller businesses based in the UK. With a virtual office your company can legally register its business address as the virtual office’s address.

Tip 4: Always provide excellent customer service
Customers expect and deserve excellent service when dealing with you. Make sure you have processes to deliver the highest quality customer service and ensure that all your staff are trained to meet these expectations.

Whether it’s the front desk staff, your Customer Service team, or a manager calling back, providing the best care for your client will help retain them over the long term. Even an unhappy customer can be won back if the service they receive after a problem is effective and genuine.

Tip 5: Network!
Get discovered by networking. There are many ways to find networking opportunities. Meetup groups, seminars, conferences, and industry events are great ways to meet like-minded people. This an opportunity to make business partners and scope out your competition at the same time.

And don’t forget the power of social media – there’s an app for almost anything these days!

By creating meaningful relationships in your industry, you can leverage audiences and gain exposure for your business. It’s also worth noting that all Servcorp’s serviced and virtual office customers gain access to Servcorp’s online networking community of 50,000+ global businesses and networking events, providing them with a significant additional value from their small investment.

Source: Real Business

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Two thirds of UK firms ‘fully operational’ after COVID, survey says

Two thirds of British businesses say they are now “fully operational” after the coronavirus lockdown, up from half in June, according to a survey on Sunday.

A further 21% of the firms, polled in the first half of July by the Confederation of British Industry (CBI), said they were partly operational with some premises still closed.

“With businesses gradually reopening, this month’s data seems to indicate a turning point for the economy,” said Alpesh Paleja, an economist for CBI, one of Britain’s main business lobby groups.

But many firms, especially those in consumer-facing sectors, remained in “acute financial distress”, he added.

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Britain’s lockdown has been slowly lifting since May, with the last major change on July 4 when hotels, pubs and restaurants were allowed to reopen.

However, on Friday Prime Minister Boris Johnson said he was postponing further relaxation, which would have helped some arts and entertainment venues, due to rising cases.

Businesses on average said they were operating at 85% of usual capacity due to social distancing, compared with 72% when a stricter rule generally requiring two metres of distance was in force.

Lack of demand from customers continued to be businesses’ most common challenge to resuming normal operations, the CBI said. More than two thirds of firms named it as a barrier to normal operations, down slightly from three quarters in June.

The Bank of England is due to set out new quarterly forecasts on Thursday, as different sectors of the economy recover at different rates from the unprecedented economic damage.

Whether the main barrier to growth is lack of consumer demand, or businesses’ difficulties meeting it, will be key to the central bank’s decisions on stimulus later this year.

Reporting by David Milliken

Source: UK Reuters

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UK businesses quick to adapt to threat of COVID-19 according to new research from Aetna International

50% of UK firms had issued a policy and over a third had offered remote working prior to working from home guidance from Government

With countries across the world now in lockdown due to the spread and risk of COVID-19, new research commissioned by Aetna International, conducted between 4 and 27 March and announced today, shows a majority of businesses in the UK had prepared and reacted to the growing threat pre-lockdown.

According to the research, by 11 March when the World Health Organisation (WHO) officially declared COVID-19 a pandemic, 83% of businesses had already taken some form of action to support employees. In the markets the research covered, this date was two to three weeks before local lockdown policies were put in place, and a third (31%) of businesses had already given employees the option to work remotely, and 44% had issued health tips to employees.

The research amongst office workers across four markets (UK, USA, UAE and Singapore) was part of Aetna International’s ongoing insights programme into issues affecting businesses, including the provision of mental and physical health support. According to the findings, larger businesses (those with 5,000 employees or more) were perhaps understandably quicker to respond to the global issue, with 44% issuing guidance on how they were dealing with the risk prior to the WHO announcement.

In the UK, prior to the government’s advice to work from home on 16 March, over a third (36%) of businesses had already offered this to employees, whilst over half (56%) had issued health tips to minimise risk and advice for self-quarantine.

A quarter of UK businesses had already banned all travel and 50% had issued a policy on how they were dealing with it, according to employees.

Richard di Benedetto, President at Aetna International, said: “The spread of COVID-19 across the globe has been rapid, and its impact on all our lives – both personally and professionally – has been significant. Despite the economic challenges facing many businesses, it is testament to the resolve of business leaders that they reacted so quickly to support their employees’ health and well-being.

“Whether through simple messages and tips, or bringing in remote working early, clearly they were doing what they could in unbelievably challenging times. As this complex situation continues to evolve, we will continue to assess how companies are adapting during this period of uncertainty, to ensure we are doing all we can to help them safeguard the mental and physical health and well-being of their employees.”

UK results breakdown from 4 March to 27 March:
In the UK, prior to the government advice to work from home on 16 March…

  • 81% had done something according to their employees
  • 58% had issued a message of concern to all workers
  • 50% had issued a policy on how they were dealing with it according to their employees
  • 56% had offered health tips for minimizing the risk and advice for self-quarantine
  • 36% had offered the opportunity to work remotely to all those concerned
  • 9% had provided access to private medical health checks to all employees
  • 25% had banned all travel
  • 23% had begun to implement reduced working times
  • 35% had suspended work-related events for large groups
  • 34% had asked those that have travelled to high risk areas to work remotely for 14 days

Research breakdown
Prior to the WHO officially declaring COVID-19 a pandemic:

  • 17% of firms across UK, UAE, US and Singapore had done nothing according to their employees
  • 42% of firms across UK, UAE, US and Singapore had issued a message of concern to all workers
  • 42% of firms across UK, UAE, US and Singapore had issued a policy on how they were dealing with it according to their employees
  • 44% of firms across UK, UAE, US and Singapore offered health tips for minimizing the risk and advice for self-quarantine
  • 31% of firms across UK, UAE, US and Singapore offered the opportunity to work remotely to all those concerned
  • 23% of firms across UK, UAE, US and Singapore had provided access to private medical health checks to all employees
  • 21% of firms across UK, UAE, US and Singapore had banned all travel
  • 30% of firms across UK, UAE, US and Singapore had begun to implement reduced working times
  • 31% of firms across UK, UAE, US and Singapore had suspended work-related events for large groups
  • 33% of firms across UK, UAE, US and Singapore asked those that have travelled to high risk areas to work remotely for 14 days

After the WHO officially declared COVID-19 a pandemic:

  • 12% of firms with over 5,000 employees across UK, UAE, US and Singapore had done nothing according to their employees
  • 48% of firms with over 5,000 employees across UK, UAE, US and Singapore had issued a message of concern to all workers
  • 44% of firms with over 5,000 employees across UK, UAE, US and Singapore had issued a policy on how they were dealing with it according to their employees
  • 48% of firms with over 5,000 employees across UK, UAE, US and Singapore had offered health tips for minimizing the risk and advice for self-quarantine
  • 34% of firms with over 5,000 employees across UK, UAE, US and Singapore had offered the opportunity to work remotely to all those concerned
  • 19% of firms with over 5,000 employees across UK, UAE, US and Singapore had provided access to private medical health checks to all employees
  • 22% of firms with over 5,000 employees across UK, UAE, US and Singapore had banned all travel
  • 25% of firms with over 5,000 employees across UK, UAE, US and Singapore had begun to implement reduced working times
  • 34% of firms with over 5,000 employees across UK, UAE, US and Singapore had suspended work-related events for large groups
  • 24% of firms with over 5,000 employees across UK, UAE, US and Singapore had asked those that have traveled to high risk areas to work remotely for 14 days

Results from 4 March to 27 March:

  • Up until 27 March, only 12% of firms across UK, UAE, US and Singapore had done nothing according to their employees
  • Up until 27 March, 42% of firms across UK, UAE, US and Singapore still hadn’t issued a message of concern to all workers
  • Up until 27 March 46% of firms across UK, UAE, US and Singapore still hadn’t issued a policy on how they were dealing with it according to their employees
  • Up until 27 March, 43% of firms across UK, UAE, US and Singapore hadn’t offered health tips for minimising the risk and advice for self-quarantine
  • Up until 27 March, 62% of firms across UK, UAE, US and Singapore hadn’t offered the opportunity to work remotely to all those concerned
  • Up until 27 March, 81% of firms across UK, UAE, US and Singapore hadn’t provided access to private medical health checks to all employees
  • Up until 27 March only 33% had banned all travel
  • Up until 27 March, 75% of firms across UK, UAE, US and Singapore hadn’t begun to implement reduced working times
  • Up until 27 March, 53% of firms across UK, UAE, US and Singapore hadn’t suspended work-related events for large groups
  • Up until 27 March, 64% of firms across UK, UAE, US and Singapore hadn’t asked those that have travelled to high risk areas to work remotely for 14 days

Source: RealWire

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More than £1.1bn in coronavirus loans given to 6,000 UK businesses

Over £1.1 billion has been handed to UK businesses through the Coronavirus Business Interruption Loan Scheme (CBILS), according to new figures.

However, less than a quarter of firms which have formally applied for the loans have secured cash support.

UK Finance said lending through the scheme has grown by £700 million over the past week, an increase of around 150%.

It said 6,020 loans have now been provided to businesses through the programme.

The pace of loan approvals has increased in recent days, rising from 240 loans on April 2 to 910 on April 8, with a further 1,800 loans worth over £300 million recorded over the bank holiday weekend.

It comes after calls from business groups, such as the British Chamber of Commerce (BCC), for the loan scheme to be accelerated to ensure small and medium-sized businesses can stay afloat.

UK Finance said lenders have received 28,460 formal applications from businesses, meaning that fewer than one in four applications have currently been approved.

However, it is understood that around 300,000 businesses have made inquiries regarding the loan scheme.

Shadow business secretary Ed Miliband said that the scheme “is simply not working well enough” after the figures were revealed.

He added: “We need change now. The Chancellor must move to a 100% guarantee of loans for smaller businesses as other countries have done.

“In this economic emergency, it is the right thing to do.

“Ministers must also accelerate the approval of new financial providers, do more to simplify the application process and provide support for good, future growth businesses not currently in profit. ”

UK Finance stressed that other applications are still being processed and are “expected to be approved over the coming days”.

Lower staffing levels at banks and other lenders mean they have come under significant pressure from increased demand for support from business customers.

Stephen Jones, chief executive of UK Finance, said: “Frontline staff in local branches and call centres are working incredibly hard to help firms access finance as quickly as possible amid unprecedented demand.

“Like all businesses they are working at reduced capacity as many staff are self-isolating or looking after family.”

Chancellor of the Exchequer Rishi Sunak said: “Getting finance to businesses is a key part of our plan to support jobs and the economy during this crisis – and we’re working with lenders to ensure support reaches those in need as soon as physically possible.

“Loan approvals have doubled in a week with more than 6,000 businesses benefiting from over £1.1 billion of loans – and it’s vital we continue this upward trajectory.”

Mike Cherry, national chairman of the Federation of Small Businesses (FSB), said: “This improvement marks a starting point, but while one in five formal CBILS applications are approved, the major banks claim their approval rates for standard commercial loans are many times higher than that.

“These loans are state-backed, so approvals should be higher still. There’s still a lot of work to do.

“Many members tell us it’s difficult to get to the formal application stage – banks are still slow to respond to CBILS enquiries.”

Source: Express & Star

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UK businesses expect strongest output growth since September 2018 – CBI

UK businesses predict the strongest rebound in output in more than a year over the next three months, after a weak end to 2019, adding to expectations of a post-election pick-up in the economy, a survey showed on Sunday.

The Confederation of British Industry said its monthly output expectations gauge – based on responses to its surveys of manufacturers, retailers and the service sector – rose to +12 in January from +1 in December, its highest since September 2018.

But the measure estimating output over the past three months remained very weak at -16, up only a bit from December’s reading of -20, the weakest since the 2008-09 financial crisis.

“It’s great to see business confidence improve but it remains to be seen whether this will feed through to activity,” Rain Newton-Smith, the CBI’s chief economist, said.

Last month the CBI predicted the economy would grow by 1.2% this year, slowing from 1.3% in 2019.

Britain formally left the European Union at 2300 GMT on Friday, starting an 11-month transition period during which Prime Minister Boris Johnson wants to negotiate a trade deal.

While Johnson aims to avoid tariffs on goods, businesses that are part of complex cross-European supply chains fear new border checks will make them uncompetitive.

“The government must work quickly to establish a future relationship with the EU that can deliver prosperity across the whole economy, as well as refocusing its attention on important domestic priorities,” Newton-Smith said.

Reporting by David Milliken

Source: UK Reuters

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50% of UK firms believe Brexit will Boost business

51% of UK businesses believe geopolitical tensions, including Brexit, will have a positive effect on their business in 2020, according to new research released today by trade finance provider Stenn.

The study, which spoke to 250 senior executives at medium-large sized businesses in the UK conducted prior to the December general election, revealed that despite the prolonged uncertainty, businesses remain upbeat with 29% believing this positive effect will be ‘significant’.

While it’s unlikely a UK-EU trade deal will be in place until the end of the year, 56% of firms believe their company’s import business will grow in 2020, on average by 9%.

Similarly, in terms of exporting services, 57% of UK firms believe revenue will grow this year, on average by 11%.

Breaking this down, 15% of firms believe their export business will grow 11-15% in revenue, and 11% expect a growth of between 21 and 25%.

“The UK is on the cusp of leaving the EU and as we edge closer to the January 31st exit date the country is in an unprecedented stage,” says Dr. Kerstin Braun, President of Stenn Group. “As 2019 was marked by business uncertainty, 2020 will be the year that companies forge ahead with new growth strategies.

Looking across industries, growth for imports and exports is felt highest across financial and professional services.

The study showed 29% of firms in this sector believe their import of services will grow up to 25% in revenue this year, and a further 20% believe it will grow 26-50%.

“The general election provided businesses with much needed clarity surrounding Brexit and it’s wholly encouraging that even prior to the result, businesses have been feeling positive about the impact it will have. Businesses have been given the assurance they need to plan ahead to a post-Brexit era,” says Braun.

When looking at exports, 30% of financial and professional services firms also believe their export business will grow up to 25% in revenue, and 27% predict it will grow 26-50%.

In the manufacturing industry, 41% of senior executives believe their import business will grow up to 25% this year, and 32% believe their export business will also grow between 1-25%.

By comparison, just 12% of wholesalers predict the same high growth of between 26-50% in their import business, and 15% expect equal growth in export. Wholesalers are divided on whether their export business will grow or shrink between 1-25% this year (both 27%).

“While a Brexit trade deal probably won’t be agreed until the end of the year, businesses largely remain confident that both their import and export business activity will grow in 2020,” says Braun. “We know UK firms are looking to non-EU markets.

According to government data, as of October, exports to non-EU countries were growing twice as fast than those to the bloc, largely driven in part by the US and China, with total trade with the USA surpassing £200 billion for the first time.

The UK’s non-EU export business grew by 4.2% in October, in comparison to a rise of 1.6% to EU member countries.

“Some of this rebound will be the result of the expected upswing in global trade, but we can strongly say that UK companies are ready to get back to business,” says Braun.

Source: Pound Sterling Live

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Brexit uncertainty woes in half of Scottish SMEs

A NEW study published today shows that Brexit uncertainty is taking its toll on Scotland’s Small to Medium-sized Enterprises with almost half of business owners in this category stating that the ongoing process is impacting how they run their business.

Some 44% of Scotland’s Small to Medium-sized Enterprise (SME) owners reported that the uncertainty surrounding Brexit has affected their business.

According to research released by Nucleus Commercial Finance, 16% of UK SME owners said they have become more uncertain about making business decisions, while a further 11% have written off having a successful business year in 2019.

The survey found other responses that included 9% of owners have spent less time focusing on their business this year due to Brexit.

Some 8% have put off future planning and strategy development as a result of lack of political clarity

It’s not only businesses in Scotland feeling the impact of Brexit, the research found that the majority of business owners across the UK are feeling the same. In the survey which covered Scotland, Wales, and the English regions, Scottish SMEs said they were the least affected.

Some 65% of London business owners have said they were impacted, with 59% of SMEs in the North West of England saying they were affected.

In the league table, Wales came next on 58%, the North East and the West Midlands on 54%, the South East on 53%, East Midlands on 52% and Yorkshire on 51%.

The survey was carried out by Opinium who undertook the fieldwork between October 30 and November 4, gaining the opinions of 1004 business owners of SMEs.

Nucleus Commercial Finance is an alternative lender with a range of bank finance, spanning secured and unsecured loans, business cash advance and a range of asset-based lending products.

Chirag Shah, chief executive officer of Nucleus Commercial Finance, said: “The last three years of uncertainty around Brexit has clearly had a negative effect on small businesses in Scotland.

“It’s particularly alarming that a significant amount of SME owners have now put future planning and strategy development on hold. SMEs need to invest in their future to stay ahead, however today’s political and economic environment is not providing business owners with the confidence to do this.”

Meanwhile, activity in Scotland’s private sector rose for the first time since August, according to new economic research.

The Royal Bank of Scotland Purchasing Managers’ Index (PMI) showed an increase in private-sector output in November.

An increase in the workforce and a rise in orders in the service sector were key to the growth.

Malcolm Buchanan, Scotland board chairman at the Royal Bank of Scotland, said: “November’s survey data highlighted some positive signs for the Scottish private sector.

“Output rose with services growth outweighing the recent manufacturing downturn.

“Meanwhile, new business increased for the first time in four months, with the rate of expansion in Scotland second only to London across the UK.”

He added: “Nevertheless, uncertainty continued to subdue demand, with client hesitancy weighing on output and activity.

“A clearer outlook is required to boost demand and for the private sector to gain momentum in the closing stages of the year.”

Source: The National

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UK business confidence slumps to seven-year low

Confidence among UK businesses tumbled to its lowest level in over seven years last month, according to a new report, as yet more political uncertainty cast gloom over the economy.

Businesses in Britain’s manufacturing sector were the most pessimistic. Manufacturers are now facing “recessionary conditions,” the latest optimism index from accountants BDO said today.

The optimism index – a gauge of how companies are feeling about the economy – fell 0.67 points to 95.59 in October, just above the 95 level which indicates zero growth.

The fall was driven by a steep fall of 3.38 points in the manufacturing sector. Output in the sector also suffered, falling for a thirteenth consecutive month to hit 87.10 points. BDO said the score was “well into recessional territory”.

British growth has slowed considerably in 2019, but looks set to avoid a recession despite the economy contracting in the second quarter.

Manufacturing has borne the brunt of the slowdown, with weak global demand and ongoing Brexit uncertainty taking its toll on business investment, orders and exports.

Despite Prime Minister Boris Johnson striking a Brexit deal with the European Union in October, the upcoming General Election means uncertainty is set to linger over the economy for the time being.

BDO partner Peter Hemington said: “The last time we saw business confidence at such a low level was when the country was staggering out of the doldrums caused by the global financial crisis.

“With an unpredictable general election looming, continued political volatility in the UK remains a key driver of falling optimism.”

Dwindling confidence in the economy was accompanied by a fall in business output in October, BDO said.

Worryingly, not only the manufacturing sector but also the UK’s giant services sector registered a fall in output on BDO’s gauge.

Hemington said things did not look likely to pick up soon. “Given British businesses are telling us that new hires and investment are hard to justify at the moment,” he said, “growth will continue to remain elusive until there is some kind of resolution of the Brexit conundrum.”

By Harry Robertson

Source: City AM

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Brexit crisis pushes UK business expectations to weakest since 2011

Pessimism in British businesses rose in the three months to September to the highest level in almost eight years, as the escalating Brexit crisis weighed heavily on companies, a survey showed on Sunday.

The Confederation of British Industry’s (CBI) gauge of private sector activity held steady at -6% in the three months to September, the same as in the period to August.

But business expectations for the coming three months dropped to their lowest since December 2011, across the spectrum of manufacturing, services and distribution, according to the survey of 567 companies.

Business investment has stagnated since the 2016 Brexit vote, leaving the economy more reliant on household spending for its growth.

After more than three years of crisis since a majority of Britons voted to leave the European Union, it remains unclear how, when or even whether the country will leave the bloc it joined in 1973.

Prime Minister Boris Johnson has promised Britain will leave the EU on Oct. 31 with or without a deal and has said he would not seek an extension even if the conditions of a recently passed bill were met, forcing him to do so.

“Decision-makers in boardrooms across the country have been watching politics this week with a heavy heart. Despite all the noise, what must not be forgotten is the importance of getting the UK economy back on track,” said CBI chief economist Rain Newton-Smith.

Closely-watched business surveys from IHS Markit covering the performance of the manufacturing, construction and services sectors in September are due on Tuesday, Wednesday and Thursday.

Reporting by Andy Bruce

Source: UK Reuters

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Worries mount for UK businesses and consumers as Brexit crisis builds – surveys

Confidence drained away from UK businesses and consumers in August as the Brexit crisis deepened, according to surveys that suggested the political ructions were taking an increasing toll on the economy.

The Lloyds Bank Business Barometer slid to 1% from 13% in July, its lowest level since December 2011, when Britain was struggling to recover from the global financial crisis.

Separately, a survey of consumer confidence from market research company GfK was its joint weakest since mid-2013, driven lower by deepening pessimism about the economy.

The signs of a wilting economy – similar to elsewhere in Europe – raise the stakes for Prime Minister Boris Johnson.

If his gambit of suspending parliament to deliver Brexit on Oct. 31 fails, he may have to fight a national election while the world’s fifth-biggest economy falls deeper into malaise.

“(The surveys) do seem to indicate that the rebound in the third quarter that many of us anticipated on the back of a weak second quarter might be somewhat muted,” Peter Dixon said.

Britain’s economy shrank in the second quarter, a hangover from the stockpiling boom in advance of the original March Brexit deadline. Another contraction in the current quarter would officially herald a recession.

“It’s a fairly weakish environment, what with global problems and of course our own domestic issues to worry about,” Dixon added.

Business confidence declined in every region of the United Kingdom, Lloyds said, although the fall was steepest in the manufacturing-heavy East Midlands region of England.

British manufacturers, who account for about 10% of the economy, are facing the possibility of a no-deal Brexit which is likely to hurt their supply chains, plus a slowdown in the global economy.

CONSUMER CONSTERNATION
Separate data added to signs the housing market, which slowed sharply after the 2016 Brexit vote, is stabilising.

British banks approved the greatest number of mortgages in two years during July, the Bank of England said, while mortgage lender Nationwide reported house prices increased at the fastest annual pace in three months.

At -14, the GfK survey was the weakest since January, before which it had been lower only in mid-2013. All the survey’s components, including the outlook for personal finances and the economy, declined in August.

“Until Brexit leaves the front pages – whenever that will be – consumers can be forgiven for feeling nervous not just about the wider economy but also about their financial situation,” Joe Staton, client strategy director at GfK, said.

Another poll of consumers from U.S. bank Citi and pollsters YouGov showed inflation expectations among consumers for year ahead rose to their highest level since 2013.

“The increase could be driven by rising chances of a rupture with the EU on Oct. 31, which could lead to higher consumer prices via tariffs, supply disruptions and weaker sterling,” Citi economists said in a note.

By Andy Bruce

Source: UK Reuters