The Office for National Statistics recently released their Monthly Business Survey (MBS) that explores how over 10,000 businesses are fairing and their impact on the UK economy.
The MBS gathers data from specific industries. This includes production in the UK and construction, retail and services in Great Britain – industries such as agriculture, energy generation and supply and finance and insurance are not included.
The data collected by the MBS is widely positive for businesses and the UK economy. The survey found that 95% of businesses were trading in late July, 87% of businesses were fully trading, and 9% were partially trading.
In the last year, 21% of businesses had exported goods, with 16% of them claiming they were exporting more than in June 2023. Similarly, 26% of businesses had imported goods, with 13% of them claiming their imports had increased since June 2023, suggesting that some UK businesses are thriving this Summer and the UK economy is steadily improving.
When businesses required goods or services, 28% were able to purchase these from a UK nation other than their own in the last 12 months, which is the highest reported figure since October 2023. Meanwhile, 33% of businesses were able to purchase goods or services they needed from within the EU. This demonstrates that trade in the UK is currently in a really good place and will hopefully improve over the coming months.
Furthermore, 27% of businesses sold goods or services to a UK nation other than their own in the last year, suggesting that businesses are fairing well domestically. However, 16% of those businesses claimed that transportation costs cause significant issues when trading outside of the UK, which could be hindering the UK economy’s growth significantly.
Rob Moore, Head of Business Legal Services said “It’s encouraging to see UK businesses doing so well despite the last few years having been challenging for businesses. In spite of the recent Covid pandemic and cost-of-living crisis, the UK economy is improving steadily, which is great news for businesses and consumers alike. But businesses can’t afford to rest on their laurels and they must continue improving their goods, services and business practices to stay ahead of the market, which can be challenging. At Taylor Emmet, our Corporate team provide legal support to all kinds of businesses to help them to thrive in the current market.
If you’d like advice and guidance from one of our Corporate team, contact us here.