Challenges mount for UK’s entrepreneurs at home and abroad – new report from GEM UK in partnership with NatWest
29 June 2023
Geo-political events created great economic uncertainty in 2022 which manifested in the UK with a cost of living crisis, record high inflation and falling output in an already stagnating economy. This was made worse by home-grown political turmoil throughout the summer months as the UK’s Prime Minister was forced to resign. The ensuing Tory leadership contest resulted in a Truss administration by early September whose initial fiscal event led to an unprecedented economic shock as markets gave their judgment overnight.
The result was a collapse of business confidence in an already fragile economy trying to recover from the effects of the pandemic and the UK’s exit from the EU. A perfect storm indeed in which to assess the resilience of potential and existing entrepreneurs.