Firms plan growth despite credit problems, say accountants

BUSINESSES in the region are planning for growth despite continued problems with the supply of credit according to an accounting body.

The Institute of Chartered Accountants in England and Wales (ICAEW) polled 100 firms and found that 77 plan turnover growth over the next two years – in line with the national average.

It said the proportion of businesses planning growth of 6% or more has increased from 26% to 42% compared with last year.

However, raising capital remains a barrier to growth with local businesses more likely to say they have been adversely affected by the lack of credit than the UK overall (42% compared with 31%).

Melanie Christie, ICAEW North West regional director, said: “The ICAEW Enterprise Survey in line with the ICAEW Business Confidence Monitor shows that access to finance remains a key issue for businesses in the North West.”

She added: “We will continue to address the issues surrounding access to finance to support our members whose advice will be key to driving forward business growth in the region.”