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SMEs and the Recent Financial Turmoil!

Michael
18/10/2022

Over the last year, and especially the last month, there has been much financial turmoil in the UK. With the announcement of the ‘mini-budget’ and the frequent U-turns of set policies; the economy has been very unsettled. These events have affected every aspect of industry in the UK, especially for companies that trade internationally.

At Bowles and Walker Ltd we primarily trade within the UK but also have significant customers overseas, but the biggest problem for us during this time has been the import of resources from abroad. The prices during this time have been very unstable, causing many extra unforeseen costs to occur.

This situation has particularly interrupted some of our ongoing net-zero plans including our wind turbine project, which has several key components coming from abroad, causing increased project costs, and an extended project payback period, which was not desirable.

Despite these challenges, we have pushed forward to ensure that no delays would affect our environmental plans and production schedules, and have absorbed these extra costs ourselves to not further burden our customers.

We hope that the many SMEs affected during these turbulent times, like Bowles and Walker Ltd, have managed to mitigate these unstable costs and come through mostly unscathed, and that we can all look forward to a more stable economy soon.