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Risks on the OMB radar in 2016

Three risks dominate the worry list for OMBs in 2016: domestic competition, the strength of the UK economy and employee skills shortages.

We gave survey participants a list of possible risks and asked them to pick five that they consider a concern to their business in 2016. The threat from domestic competition came out on top (it was second last year), identified as a concern by 53% of OMBs. Similarly, 27% in this year’s survey highlight the risk posed by international competition.

As with last year, economic risks weigh heavily on OMBs’ minds. Over half of those surveyed (52%) are concerned about the strength of the UK economy (this was the top risk in last year’s survey), and a third (33%) see the strength of the global economy as a risk.

Employee skills shortages are seen as a major concern, coming third in our risk rankings this year – the same position as in last year’s report. Of OMBs surveyed, 45% see employee skills shortages as a risk to their business in 2016.

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Fig 1. Risks concerning OMBs in 2016