Despite a rich industrial heritage, there have been signs over the course of this year that the North East economy is struggling. As discussed by Walsh Taylor in March, local companies are facing an increased risk of insolvency, and the region has recently been revealed to have issues with work-life balance and a skills shortage.
To compound these problems, according to new data from Lloyds Bank, business confidence in the area has declined from 38% to 25% in the first half of 2018 and fewer organisations are planning on both growing investment (from 21% to 18%) and hiring new recruits (from 14% to 8%).
These findings, which featured in the latest ‘Business in Britain’ report, were gathered after asking for the views of more than 1,500 UK-based companies (with most of these being SMEs). The survey measured a host of performance and confidence parameters and weighed up the percentage of firms that have a positive outlook against those that possess a negative one.
Commenting on the results, Kelly Green, Lloyds Bank’s Regional Director for the North East, conceded that businesses are being challenged at the moment by the Brexit uncertainty and concerns over global demand.
She points out the fact, however, that confidence remains in line with the national average and is actually the highest among the other Northern Powerhouse regions. This apparently suggests that organisations are maintaining their resilience and are comfortable operating under the current climate.
In having an office in Darlington, one of the North East’s largest towns, Walsh Taylor’s licensed insolvency practitioners are always here to help individuals and corporations to identify the very best solution for their financial problems.
For any more information on our business support services, please do not hesitate to call 03300 244 660 today.