According to the latest data from the Office for National Statistics (ONS) says that there is multiple complexity but also there is some optimistic picture for the UK business environment.
No doubt there were numerous challenges across the path but the UK’ s business sector followed a smart approach to recover across industries.
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As per a report from the ONS, the service sector accounts for a major portion of the UK economy which has shown robust growth. This growth is achieved by increasing consumer spending, expanding of hospitality, tourism industries and digital services.
Apart from this substantial contribution was made by the entertainment and service sectors.
Report also mentioned challenges in the manufacturing sector, as there were a lot of fluctuations in this sector due to multiple supply chain disruption and increasing raw material costs. Production delays and cost crises have also affected the automotive and aerospace industries.
In the report it is mentioned that small and medium-sized enterprises (SMEs) have also demonstrated remarkable resilience. They have moved towards digital transformation, innovation and e- commerce. This encourages them to thrive and survive upcoming uncertainties.
To handle these challenges, the Government has taken major initiatives to respond to this.
The UK Gov has announced to stimulate economic growth and address key challenges. From increasing funds for digital infrastructure, benefits, incentives for green technology and humble support to people who have suffered from the Brexit and pandemic.
Rishi Sunak said that, “Our economy is at a pivotal moment. We must invest in our digital future, foster green growth, and support businesses in navigating the complexities of the post-Brexit landscape”.
Report soars the needs of innovation and digital transformation as a critical factor to resolve UK business challenges. Sectors which have integrated tech support, ensure scalability.
