Member Article

Region’s business enviroment gets clean bill of health

NEW RESEARCH has revealed that the region remains a healthy business environment for entrepreneurs to start and grow new ventures.

According to the Yorkshire Bank, a total of 75 per cent questioned believe the North East is a good place to start a new business while almost two-thirds also believe the North East economy offers good prospects for both business investment (59 per cent) and long-term growth (64 per cent).

More than three-quarters (80 per cent) of those surveyed believe the North East is a business-friendly region.

Fewer than half (37 per cent) believe it will become easier to start, or grow, a business over the next two to three years, outweighed by the 61 per cent which fear that it will get harder.

Simon Lenney,Yorkshire Bank North East Team, Managing partner, said: “As well as actively experiencing healthy economic conditions, North East business leaders and entrepreneurs need to feel confident and believe the economy is moving in the right direction.

“Starting a business, or investing to take a venture to the next level, is an important milestone which requires a number of factors to be successful.”

With regard to developing new markets, products and ideas, more than a third (36 per cent) of North East companies believe IT and telecommunications to be the most entrepreneurial, followed by healthcare and pharmaceuticals (11 per cent) and financial and professional services (8 per cent).

He added: “Many businesses are considering their future growth prospects with a growing confidence. Although there economic challenges remain, there will also be growth opportunities for strong businesses.”

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