Business activity in the North East fell at its fastest rate for 18 month as inflation, Brexit and interest rates hikes weighed on firms in the region, a new survey suggests.
The NatWest North East Business Activity Index, which measures month-on-month changes in the region’s manufacturing and service sectors, fell from 50.9 in June to 45.3 in July, its third contraction in the last four months and the worst performance of the various regions in England, Scotland or Wales.
Companies in the region highlighted rising inflation, supply shortages, Brexit and interest rate hikes as curbs on their activities as the amount of new work they received fell for the fifth consecutive month.
