East Anglia: Region’s firms are ‘less distressed’, says survey
- Credit: Roger Adams
east of england: Business optimism for economic recovery has surged over the past six months, according to the latest Business Distress Index from insolvency trade body. It recorded falling levels of distress across the East of England, but less than half of firms believe their activity will rise over the next year.
More than half (53%) of UK businesses are now more positive about the health of the economy, compared to 39% last March.
R3’s eastern region Chairman Shay Lettice, a partner at Cambridge accountancy firm Peters Elworthy & Moore [PEM], advised caution.
“Whilst these statistics are encouraging, there is a slight disconnect between businesses’ optimism about the economy and their optimism regarding their own situation,” he said.
“While over half of businesses are more positive about the recovery of the economy, the number which reports their activity will increase over the next year has yet to break through the 50% barrier.”
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The R3 research shows that 43% of businesses expect their business turnover to increase in the next 12 months, up from 37% in March. However, 50% of businesses expect activity to remain the same.
Shay Lettice added: “There have been false-starts and phantom green shoots before, so it is not surprising that while businesses’ general outlooks are positive, they’re still cautious about translating this optimism into their own prospects.”
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