Better business support and networking needed in east of England
Business Support and Networking - 11/12/2006 17:24:09
Business confidence levels in the east of England are slowly beginning to grow, according to a new survey by the Institute of Chartered Accountants in England and Wales (ICAEW).
Its latest UK Business Confidence Monitor shows that levels of confidence in the region have risen to +1.9 this quarter.
But despite the increase this is still well below the national average of +6.2 and demonstrates the need for improved business support and networking among firms in the area.
Pippa Bourne, regional manager for the ICAEW, said: "The region has failed to benefit over the past year from rising confidence in the manufacturing and engineering and the banking, finance and insurance sectors.
"Rising unemployment and tight household finances have kept optimism subdued in the region. The marginal increase in confidence this quarter probably reflects the slight uplift in confidence in the retail and wholesale sector."
The report also says that as a result of a weaker economic performance from the east of England, firms in the region only expect to increase their capital expenditure budgets by 0.7 per cent over the next year, compared to the 2.3 per cent for the rest of the UK.
Improved business support and networking opportunities could help companies in the east of England improve their levels of confidence by creating stronger regional business ties and helping firms to access essential advice and funding.
If you are starting up a new firm and want some business support and networking advice look up local firms by searching our online listings.