Confidence levels in the South West – Economic Survey Results

Thank you to those who helped us compile our recent South West Economic Survey.

Whilst most companies remain positive, confidence is not as high as it was. Confidence in the UK economy has dipped by 22 per cent for the year ahead, alongside a smaller 16 per cent dip concerning the South West’s economic prospects.

The key findings of our survey were:

•    83 per cent of firms rated the South West’s economic performance in the past 12 months as average or good
•    81 per cent said they thought the UK’s overall economic performance in the past 12 months was average or good
•    Confidence in the South West’s economic performance for the next 12 months was rated average or good by 67 per cent of respondents
•    Confidence in the UK’s overall economic performance was rated average or good by 59 per cent of those polled.

The findings are in line with the British Chambers of Commerce (BCC), which has downgraded its growth forecast for the UK economy, blaming “global headwinds and uncertainty”.

The BCC now expects the UK’s economy to grow by 2.2% this year, down from a previous estimate of 2.5%. It has also cut its growth forecast for 2017 to 2.3% from 2.5%, and expects growth of 2.4% in 2018.

Meanwhile, the consensus of independent forecasters is that growth in future years won’t be quite as strong as thought in the autumn. This would mean that the Chancellor will miss his target to close the national deficit by 2019.

The survey had coverage in the Western Morning News and the follow up survey results indicated that confidence levels remained the same as pre Budget.