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96% of business owner respondents to our economic survey expect a change in government at the 2024 General Election.

The survey conducted by McBrides Chartered Accountants in Sidcup showed that most businesses (69%) expect the economy to grow in the year ahead, compared to 31% who thought it would stagnate.

Most respondents expect interest rates to drop in the next year with the majority (almost four in ten) expecting a reduction to 4% and almost three in ten expecting 4.5%.

The majority (48%) of business owners reported increased sales in the last 12 months, while 40% reported static sales and 12% reported a decline.

Looking ahead, businesses are more positive: 60% of business owners expect sales to increase in the next 12 months, while 36% expect them to remain the same and 4% are unsure.

Perhaps surprisingly, and despite the anticipated positivity ahead, just 35% of respondents expected to recruit over the next year. Half said they had no plans to, while 15% were unsure.

Some uncertainty exists around future wage inflation: 48% of business owners expect wages to be in line with inflation, 40% expect more than inflation, and just 8% anticipate less than inflation.

The survey was conducted between Friday 24th May and Wednesday 5th June 2024 and polled business owners in south east London and north Kent.

McBrides Chartered Accountants