The covid-19 pandemic has thrown drastic obstacles in the way for UK businesses. With the manufacturing, construction, and engineering sector having a total business confidence score of 92.23 out of a total of 190, these figures show just how uncertain businesses feel at present – according to a new, Business Confidence Report by Nexus Global.
Nexus Global surveyed senior managers in businesses across the UK to determine how confident they feel at present regarding the current economic climate. According to the findings, manufacturing, construction, and engineering businesses are most assured about the overall health of their business yet least assured about giving bonuses to employees.
To determine the figures, senior managers in the manufacturing, construction, and engineering sector were asked (on a scale of 1-10) how confident they feel at present regarding the following aspects:
The manufacturing, construction, and engineering sector is among the top 10 most confident sectors in the UK
The engineering, construction and manufacturing sector scored 92.23 overall, with their confidence highest in the overall health of their business.
Businesses in this sector were confident in industry demand, and not having to make redundancies; which is unsurprising, given that it is such an essential sector.
The levels of confidence in engineering, construction and manufacturing sector were lower for factors such as the ability to give employees bonuses, and the overall health of the local and national economy.
Whilst COVID-19 has meant short-term work has been impacted, through a shortage of materials and subcontractors; the demand is still there – and will only continue to grow, as the economy starts to recover.
See the table below to see where the business consultancy and management sector ranked compared to other sectors:
Commenting on the report findings, John Westwood, Managing Director, says: “It is by no surprise to see business confidence at a low during such an unsettling and turbulent period, during which the UK economy has suffered its worst-ever decline.
Looking forward, business confidence levels will be a key factor to influence the pace of consumer spending once lock-down measures continue to ease. This change in behaviour will need to see businesses adapt if they stand a chance of seeing growth.”
Business Confidence Report (BCR) is a measure of the economic climate from surveyed senior managers in UK businesses. Based on the response’s current views (May/June 2020) on business prospects and the UK economy.
- The survey was conducted with 500 senior managers between May – June 2020 from all sectors and regions in the UK.
- The survey asked respondents on a scale of 1 to 10 how confident UK businesses feel at present regarding all aspects outlined in the report (1 = not at all confident – 10 = extremely confident).
- The Business Confidence Report (BCR) results provide an indicator of business performance, the current economic climate, and signals on future UK economic activity.