FINANCE
Light at the end of the economic tunnel
Despite the turbulent times that have befallen the UK economy over recent years , experts are reporting a positive outlook . The impact of coronavirus , Brexit and wider supply disruptions may still be taking their toll but businesses , families and property owners can remain confident .
In this article , Baines Jewitt , a Teessidebased firm of chartered accountants and business advisers , gets under the skin of the UK economy and looks at what fellow professionals are saying about the likely trends and how it will impact on businesses , families and property owners .
According to UK-wide research carried out in the last quarter of 2022 , in conjunction with the UK200Group , the UK ’ s leading association of independent chartered accountants and law firms , 34 per cent of businesses have a positive outlook for the future .
Baines Jewitt director Trevor Cook explains : “ As a member of the UK200Group , Baines Jewitt has been able to tap into the results of this UK-wide survey . This , coupled with our knowledge of what ’ s important to Teesside and the wider North-East , enables us to gauge the economic mood and the challenges faced , so we can provide tailored support .”
Understandably , there are still concerns about the economy , with the UK200Group citing that 23 per cent of businesses across the UK have a bleak outlook . The research showed that growing uncertainty due to factors such as the economy , inflation , the war in Ukraine and the cost-of-living crisis , have directly affected business confidence .
“ Respondents were asked what one word they would use to describe their outlook for the next 12 months ,” adds Trevor . “ The words uncertain , challenging and cautious all featured .
“ However , it ’ s not all doom and gloom . The word optimistic also headed the list . There are positive signs , with many businesses having had a better year than they expected .”
According to the UK200Group , looking back over the last 12 months , 42 per cent of businesses performed better than the previous 12 months and 39 per cent of businesses said things were “ about the same as normal ”.
Against this backdrop , now more than ever is a time for businesses to ensure they have their house in order . Businesses need to focus on getting the
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