Member Article

North businesses 'are over the worst'

Private business leaders in the North are showing confidence in their future despite the current recession, according to a recent survey.

The study, carried out by PricewaterhouseCoopers (PwC) LLP, found that the majority (80%) predict that their business situation will improve or stay the same in the next 12 months.

More than a third (41%) expect things to get better in the next year, and the level of optimism increases significantly with time. Looking further ahead to the next 24 months, 66% of business leaders in the North say the outlook for their business will be better, results from the forthcoming PwC Enterprising UK 2009 survey show.

The survey of business leaders in the North found that 20% expect things to get worse in the next 12 months.

Jonathan Greenaway, North East director of entrepreneurial and private clients, PricewaterhouseCoopers LLP, said: “Private businesses continue to be challenged by slow or negative economic growth, reduced access to finance, a weak pound and increases in the cost of borrowing. Yet business owners remain defiantly upbeat with a resolute ‘hold our nerve and come through stronger’ spirit.

“The survey questioned private business leaders across all industries and the expectations were remarkably consistent regardless of industry sector.

“Encouraging long-term investment of capital and time in business growth is vital to the health of the economy, and will in turn limit the damage of recession as recovery begins.”

Mr Greenaway added that the UK needed to ensure it remained a place to attract both entrepreneurs and investors.

This was posted in Bdaily's Members' News section by Ruth Mitchell .