North East Businesses “confident“, say Yorkshire Bank
North East businesses are remaining confident in the face of market volatility, with almost 40 percent expecting an increase in turnover in the year ahead.
Yorkshire Bank have found that 38% of North East businesses questioned expect to increase turnover by more than 5% in the next 12 months, despite only 32% showing confidence in the UK’s wider economic prospects.
Many businesses are also planning to invest in new staff, training and equipment as well as product and service development.
IT and telecoms were found to be the most confident about the future, with more than half expecting an increase in turnover, while healthcare and education businesses are the least confident with only 32% and 23% respectively expecting similar growth.
Simon Lenney, managing partner at Yorkshire Bank North East, said: “Our research highlights what North East businesses feel will help them and the economy, with increased consumer spending and confidence and better manufacturing output coming out as key drivers to economic growth.”
He also encouraged the businesses in the North East to focus on their strengths, despite “inevitable bumps in the road to economic recovery.”
Yorkshire Bank introduced their Investing for Growth support package in 2010, which seeks to help businesses in the North East target new markets, recruit more staff and launch new products.
Mr Lenney said: “Our commitment to supporting trading businesses is stronger than ever and we continue to attract growing numbers of owner-managed small and medium sized businesses and personal customers.
“Good businesses with strong management and robust business plans will generally find support.