Business confidence and turnover in north-east 'expected to rise'

News Article - 22 May 2012
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Business optimism in the east of England is predicted to rise over the next 12 months as turnovers in the region increase, according to expert forecasts.

Confidence within the area's businesses is restrained; however this is expected to change with turnover increasing to 6.8 per cent in 2007, the Peterborough Evening Telegraph reports.

Among the predictions is that profits will grow to 6.2 per cent and sales volumes will increase to 6.3 per cent.

The region's confidence, however, was found by the Institute of Chartered Accountants' UK Business Confidence Monitor to be lower than the UK's average of +6.2 at +1.9.

Regional manager for the Institute of Chartered Accountants in England and Wales, Pippa Bourne, told the publication: "The region has failed to benefit over the past year from rising confidence in the manufacturing and engineering and banking, finance and insurance sectors."

Rising levels of unemployment and less expendable household income has kept confidence low in the region, except for small increase in the retail and wholesale sectors, she added.

According to the monitor, respondents predict that the UK's economy will slow down in 2007 but forecast a shift towards increased business spending.

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