How cities across the UK have been impacted by economic issues

Addition, the outsourced finance solution for SMEs and start-ups, has published a new national report revealing the cities most impacted by economic issues over the last 12 months. 

Leicester-based businesses have been most impacted, with 40% stating revenue has decreased over the last year. Manchester was second with 35%, and London was sixth – with 26% of businesses reporting a loss in revenue. 

The survey also highlighted which cities are struggling most to recruit, demonstrating that skill shortages and economic fluctuations are impacting massively on the job market across the UK. 

Bristol based businesses were most impacted by the ongoing issues, with 39% of all businesses struggling to recruit the right talent. One in four (25%) of firms in London are finding it hard to recruit, while Newcastle is the least impacted – with only 13% of businesses with concerns about recruiting. 

The table below outlines how the cities ranked in terms of economic impact and struggling to recruit the right talent.

Revenues Impacted MostMost Impacted by Recruitment Issues

The extensive survey of businesses gives detailed insights into how economic factors such as the pandemic, Brexit and other issues such as skill shortages are impacting firms across different cities throughout the UK.  

Addition’s goal is to give small businesses the financial savvy of big ones. They offer the full suite of financial services – from bookkeeping to growth funding. Their flexible plans offer scale-up options for the fraction of in-house finance team costs. The forward-thinking firm is currently a financial ally to 150 start-ups (from pre-revenue to £10m turnover), supports growth and offers expert guidance at each step of their business journey. 

Addition Founder and CEO, Graham Davies, commented, “At Addition, we believe it is critical to understand how businesses are being impacted in the short-term, so we can support them through any future economic challenges. Our national reports give detailed insights into how business owners are coping with every aspect of running their business and help us to understand future trends or potential concerns.

Understanding your financials is vital to overcome these challenges and drive business growth. At Addition, we don’t just want to take the numbers off your hands. We want to empower you with targeted insights and 1-1 support – until you’re so big, you don’t need us anymore.”

Author: Editorial Team

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