Business confidence dips says RSM Tenon study

BUSINESS confidence in the North West is weaker in the North West than the national average and the majority of bosses won’t be increasing staff pay, a survey has suggested.

Research from accountancy firm RSM Tenon, which polled more than 300 people nationwide last month, reveals that only 36% of entrepreneurs in the North West are confident about their business prospects over the next three months, compared to 43% nationally.

The majority of those polled in the North West (66%) expect business demand to remain the same or to decrease over the coming months.

Some 80% of those from the region taking part in the survey won’t be offering pay rises, with only 30% planning to hire new staff.

Jon Pinder, director at RSM Tenon in the North West, said: “This is the first sign that the positive attitude we saw six months ago is starting to falter.
“Uncertainty over interest rates, the threat of inflation and higher taxes are all starting to take their toll on the entrepreneurial spirit. 

“However the way that businesses intend to tackle the issues is emerging. As companies in the region seem determined to see things through with what they have, they should be aware that there are opportunities to make advances using the resources at hand, not just consolidate and wait for confidence to return.

“Financial robustness and good working capital is central to this.”