Business confidence is low in east of England says report

Business / Fri 27th Dec 2019 pm31 05:03pm

BUSINESS confidence in the East of England is low, with more businesses worrying about late payments than at any time in the past six years, figures published today by chartered accountancy body ICAEW have shown.

Confidence among companies in the East of England is low, but marginally higher than the general UK picture, ICAEW’s Business Confidence Monitor™ report for the East of England, published today (Thursday), shows. It has been generally in decline since 2014.

It is likely that ongoing Brexit uncertainty is a major issue hindering confidence, although businesses surveyed face other challenges too. The proportion of companies that cite late payments as a growing concern has increased, from 21% last quarter to 24% now. This is the joint highest rate for the East of England in more than six years.

Some businesses in the East of England (45%) also cite customer demand as a growing concern, and businesses are also suffering from weak exports growth.

Harpreet Panesar, ICAEW East of England Regional Director, said:

“Negative business confidence in the East of England is likely being driven by uncertainty around Brexit and the wider political climate.

“We hope that the new government will ease the strain on businesses and bring some much-needed stability to the economy.”

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