LCCI Capital 500 Quarterly Economic Survey
Posted on Monday, October 21, 2019 by Myles Argent — No comments
Simon Hardy and Myles Argent recently attended the LCCI Capital 500 Quarterly Economic Survey, during which much of the discussion surrounded political uncertainty and business performance in Q3.
Sean McKee (LCCI Director of Policy and Public Affairs) opened the event with the positive news that Q3 had seen an overall improvement on the economy, but recent polls and figures are still showing the challenges that businesses are facing.
Unsurprisingly, Brexit was one of the key topics of debate and studies show that it has been causing uncertainty in the employment market. This has led to businesses upskilling their existing workforce rather than recruiting externally, with a 7% increase in business investment on staff training. Secondly, ComRes commented that that the UK is losing elements of its skilled workforce, due to overseas professionals feeling unwelcome following Brexit and the surrounding media narrative.
However, despite these changes 9% of businesses expect their workforces to increase in the next quarter, leading to more opportunities. We have also seen a push on Government spending on large projects, such as HS2. Furthermore, businesses are now increasing investment on innovation and infrastructure.
Vicky Pryce (Chief Economic Advisor at CEBR) rounded off the conference stating that Q3 data shows the resilience of London businesses against a worsening global economic scenario. The biggest challenge will be UK competitiveness during political uncertainty.