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Concern over adverse and extreme weather has doubled within a year amongst all UK small businesses, according new research by Hitachi Capital. For businesses in seasonal sectors such as agriculture and hospitality it is now the number one concern for businesses, according to new research.
The UK’s economy has taken a real hit early on this year from extreme weather, having experienced three bouts of the ‘Beast from the East’ and a late spring scorching, small businesses across the UK have been left as bewildered as the daffodils this quarter. Hitachi’s new research shows the real impact the elements have had on the small business community in such a short space of time and reveals the knock on effect on sectors that rely heavily on the weather for their businesses to blossom.
For the agricultural sector, almost half (46 per cent ) said unpredictable weather was holding back their business – a rise from 37 per cent two years ago and 34 per cent last quarter. Similarly, in the hospitality sector, concerns about the weather had doubled in two years – rising from 13 per cent in 2016 to 28 per cent this quarter. For both, the weather had become the top concern since Q4 2017, overtaking issues such as market uncertainty.
Other notable rises came from the construction sector – rising to 13 per cent (from nine per cent in 2016); and the retail sector – rising to 12 per cent (from eight per cent in 2016).