HERTFORDSHIRE GLOBAL
The strength of Britain’s exporters The heightened economic uncertainty and rising costs are also expected to significantly weaken business investment, with 1.8% growth predicted in 2022, down sharply from 3.5% in the previous forecast.
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INSPIRE
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irstly, congratulations to ALL our winners following the recent Inspiring Herts Awards, held at Warner Bros Studio in Leavesden. Special congratulations to Zoocha, winners of the Excellence in International Trade award! Well done also to the other finalists, Premier Ship Models, EziDrops and Brooks & Kempton. The award recognises the strength of Britain’s exporters, demonstrating that they have generated significant and/or sustained increases in export activity.
Similarly, we recently hosted a webinar advertising the Queen’s Award for Enterprise. A follow up workshop is being arranged. Can I please encourage you to consider entering these prestigious awards? If you need any advice, then do please contact us.
The worldwide situation continues much as before with the war in Ukraine, higher general costs, supply chain issues and the pandemic all overarched with the continuing issues following Brexit. This leads to ongoing uncertainty and an uncertain cocktail of predictions going forward. The British Chambers of Commerce has slightly downgraded its expectations for UK GDP growth for the remainder of this year to 3.5% (from 3.6%) and less than half the 7.5% growth recorded last year, due to the continuing deteriorating economic backdrop and outlook. The BCC also expects inflation to hit 10% in Q4. The heightened economic uncertainty and rising costs are also expected to significantly weaken business investment, with 1.8% growth predicted in 2022, down sharply from 3.5% in the previous forecast. Consumer spending is now forecast to grow at 4% in 2022, a fall from the 4.4% prediction in the first quarter.
