Business confidence is as low as it was during the height of the pandemic, according to a new NatWest survey.
The bank’s East Midlands Business Activity Index for May showed confidence dropping to its lowest since June 2020. It also said that productivity within East Midlands businesses continued to be affected by raising inflation, with growth at its slowest rate in the current 15-month sequence.
While some firms were benefitting from meeting order backlogs, others mentioned that hikes in prices and a drop in new orders were weighing heavy. Weak demand conditions were linked to lower purchasing power among customers and supply-chain disruption.
