Economic optimism over the past 6 months (July 2022) has decreased from the previous survey.
Against a backdrop of rising inflation and a "cost of living crisis", confidence in the economy fell again this round. While most rural businesses were being impacted by rising costs, Coronavirus (COVID-19), EU Exit and the Russia-Ukraine conflict, business performance and operating levels remained broadly unchanged since the previous wave.
Most rural businesses were confident that they would be viable in the next six months. Rising costs, reduction in customer demand, and ability to access supplies were the biggest risks to future viability – but most felt equipped to deal with these challenges.
On workforce, the ability to attract new talent and staff working at capacity were the biggest risks facing businesses. Again, however, most felt equipped to deal with workforce-related risks.
Businesses had a mix of outlooks and aspirations for the future, with similar proportions wanting to grow as wanted to remain at the same level. The motivations behind these aspirations were multi-layered and included financial and corporate ambition, market conditions, restrictions on capacity and ability to grow, and lifestyle factors.