Optimism on the up, says survey

NORTH West firms are increasingly upbeat that they will they will beat the recession, according to a study published today.

Yorkshire Bank’s latest business confidence survey found that nine out of 10 business managers are confident their company will survive the downturn  – with 28% certain they will make it through.

The research also shows that despite the tough outlook, less than a third (29%) of North West businesses have seen a reduction in business and 12% have actually taken on more staff.

Brian Colquhoun, regional director for Yorkshire Bank in the North West, said: “These figures are promising and show that businesses are beginning to regain confidence. This is a positive sign – where confidence exists growth often follows.

 “It has clearly been a challenging time for businesses but these figures show there are signs of stability creeping into the market but it is still important to retain a grounded and cautious perspective as the market changes.”

In examining the picture across the UK, companies in the North West are among the most optimistic, with 63% either confident or very confident of survival, followed closely by Wales (60%) and Scotland (56%).

Businesses in the North East and London were the most optimistic with 73% and 66% respectively either confident or very confident of beating the recession.

At the other end of the scale companies in the Midlands are the most pessimistic with nearly one in five (19%) believing they are not going to survive the downturn, followed by the South West (15%) and the East region (11%).