Chapter 2: Business Disrupted Markets
1 City REDI. (2023) The Poorest UK Households are Hit Hardest by the Highest Rate of Firm Failure 2 We define the Birmingham city-region in this analysis as the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP)
area. 3 As classified under the SEIM-UK industry classification based on SIC 2007 4 The total number of firms was obtained from the Nomis by the Office for National Statistics, using data with reference date in March 2022 and sourced from the Inter-Departmental Business Register (IDBR).
5
University of Birmingham. (n.d.) Socio-Economic Impact Model for the UK: SEIM-UK The UK-managed region classification is referred to as International Territorial Levels (ITLs) and corresponds to the Nomenclature des Unités territoriales statistiques (NUTS) previously used by the EU. 7 For national estimates, see The Poorest UK Households are Hit Hardest by the Highest Rate of Firm Failure 6
8 Valero, A. (2022) Why have energy bills in the UK been rising? | British Politics and Policy at LSE 9 ONS. (2022) Business energy spending: experimental measures from the Office for National Statistics’ business surveys 10 BEIS. (2023) Quarterly Energy Prices 11 Money.co.uk. (2023) UK cost of living statistics 2022 cited WM REDI. (2023) REDI Updates 4: Cost-of-living crisis - The impact of the
crisis and the supply-side failures driving it.
12 British Chambers of Commerce. (2023) BCC Quarterly Economic Survey: Despite uptick in business confidence, most firms see no
improvement to sales. 13 Nomis. (2023) Enterprise Count 14 British Business Bank. (2023) Small Business Finance Markets 2022/23
15 ONS. (2023) Monthly Insolvency Statistics
16
Bank of England. (2023) Interest rates and Bank Rate
17
Bank of England. (2023) Financial Stability Report - July 2023
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18 ICAEW. (2023) ICAEW Business Confidence Monitor (BCM): West Midlands 19 NatWest. (2023) NatWest UK regional PMI report for July 2023
20 Bank of England. (2021) Influences on investment by UK businesses 21 OBR. (2023) How are our Brexit forecasting assumptions performing?