‘Promising outlook’ for Lincolnshire businesses despite wave of closures

Coun Colin Davie, Lincolnshire Council executive member for economic development, environment and planning, told a recent meeting 72 per cent of businesses in the county were confident in their outlook, as reported to the growth hub.

He also said the tourism industry is also on the rebound, with the visitor economy improving by 28.9 per cent compared to its 2021 figures.

The latest environment and economy scrutiny committee meeting heard the impact of pandemic-induced supply chain disruption is decreasing, with 59 per cent of businesses reporting no disruption in May, a slight increase from 55 per cent in April.

Coun Davie said: “We have some new evidence that describes the economic impact of the visitor economy.

“It shows that the sector is recovering well following the coronavirus pandemic. While the direction of travel is positive, we need to recognise 2021 was a very disturbed year.”

While the future may seem promising, the Conservative underscored the continuing challenges faced by Lincolnshire businesses, primarily inflation and the ongoing cost of living crisis.

He said: “These figures probably hide the fact costs for businesses have probably risen between 40 and 50 per cent and there a still significant challenges that are clearly being demonstrated by the closure of businesses, not just in Lincoln but also the coastal areas.”

Lincoln’s Cornhill Superdry store has become the latest victim of this trend, with a sign recently being put in the window thanking customers for their support as it shut.