Business confidence in Yorkshire and the Humber has tumbled as companies face a cost of doing business crisis, a new survey survey suggests.
Chartered accountants ICAEW’s Business Confidence Monitor for the third quarter of 2022 for Yorkshire and the Humber found that confidence had fallen for the fourth successive quarter and was now in negative territory. Amid rising costs, companies faced challenges from a lack of customer demand, staffing difficulties and slower domestic sales growth than in other parts of the UK.
With firms facing increasing costs amid soaring energy prices and high inflation, ICAEW said households and companies would need support in the short-term to get through the next few months. Of those businesses in the region surveyed, 40% said they faced a growing challenge from customer demand.
