It does feel like as soon as we more or less get past one seismic event another one comes along with another set of headwinds to navigate. Economic and political turmoil seems to be the new norm over the past few years.
But at least Covid seems to be in the rear view mirror now so that's a positive that helped business conditions and more confidence return earlier in the year.
Roll on six months another fast changing economic backdrop emerged. Inflation headwinds picked up pace and no longer looks that 'transitory' anymore (as predicted by PHD bankers). Rising interest rates are trending everywhere too.
Many companies will still be reviewing the impact of these conditions to their products and services and in turn you should too as some degree of recession still looks a possibility - assuming we're not already actually in one. Hopefully with all the tax breaks it will be short-lived with a soft landing but it would be wise to plan ahead for something more pro-tracted just in case. Or you could just try holding your breath for the next six months!
With the government announcing they're going for growth and productivity with a very bold and reforming misnamed 'mini budget' (it was anything but mini), those tax reductions should encourage more business investment for 2023. Maybe some of those scaled back, paused and wobbly looking projects will now get the thumbs up?
The generous help with energy bills will make a big difference but it's still about double from a year ago. It's made me wonder if hybrid working may loose some of it's appeal? Will some make a bit of a stampede back to the office full-time soon?! Reaching out may just get a little bit easier 😊.
Have a great Autumn.