Confidence starting to return to Wakefield businesses, chamber of commerce says
Following ‘the most challenging year for the economy in peacetime’ businesses in the Wakefield district are starting to see a way out of the current crisis as confidence returns.
Firms reported a significant uplift in outlook for the next 12 months, with many expecting to increase turnover and profitability, the district’s chamber of commerce said.
While the long-term outlook shows positivity, there are some short term challenges with sales impacted by restrictions and the fallout from Brexit.
Mid Yorkshire Chamber of Commerce managing director Martin Hathaway said: “Despite difficult circumstances, we are starting to see the light at the end of the tunnel. The announcements of both the roadmap out of lockdown and the chancellor’s spring budget should instil confidence in businesses in the region and beyond that we are working towards a brighter future.
“We are seeing recruitment improving, confidence growing, and investment plans being made, local businesses should draw great optimism from that.
“However, businesses are still facing challenges with trading arrangements following the UK’s departure from the EU, with manufacturing export sales levelling off and expectations of price rises in this sector.
“While the economic climate is nowhere near ideal, I am confident that we can recover from this together in the coming months.”