This Week in Business

The political turbulence of the last week has caused the value of the pound to oscillate, and business confidence with it. The unexpected result of a hung parliament following last week’s General Election caused the GBP to experience its steepest fall all year, although it has slowly climbed back up, restoring stability to importers in particular.

There’s also been good news for small businesses in London, which seem to be outperforming their counterparts elsewhere in the UK. London’s businesses grew at a faster rate than the UK average in May, according to the latest Lloyds Bank Regional Purchasing Managers’ Index (PMI). It seems that the overall uncertain climate isn’t putting off consumers, as London firms are enjoying a strong demand for goods and services.

Ambassadors for Culture

Mayor of London Sadiq Khan this week announced the launch of his new Cultural Leadership Board, comprising Ambassadors for Culture drawn from a pool of experts across the creative industries. The Board has been appointed to advise the Mayor on issues facing the creative industries and culture sector and help him craft a bold new Culture Strategy for London.

The creative industries employ as many as one in six people in London, and the sector as a whole is worth more than £84 billion, but its contribution to the economy is often overlooked. To find out more about the creative industries and how small, medium and micro enterprises in them can boost their competitiveness, read our insight piece.

Consumer spending

Some SMMEs may be finding it harder to generate new business, according to Visa’s latest Consumer Spending Index. The Index for May showed a fall in consumer spending for the first time in almost four years. Retailers of non-essential goods experienced the sharpest decline, with sales in clothing and household goods taking a particularly steep tumble. SMMEs are going to need to think strategically about ensuring their new business pipeline stays full: our upcoming training on lead generation will give you the tools to do this.

Tech investment

Is outdated tech holding back your SMME from further development? A recent survey found that over a third of UK managers are unsatisfied with the technology available to them in their place of work, and are not provided with the latest technologies they need. Outdated tech could be preventing SMMEs from pursuing opportunities online. Find out how you can access new business and procurement opportunities online in our upcoming training session.

If you have any questions or would like further information about the range of support on offer in the Building Legacies Programme, please contact Danny Hackett on info@buildinglegacies.co.uk or call the office on 020 7537 6480.