Survey reveals businesses are optimistic about the future
FINANCE
Bright future – businesses in the Tees Valley are optimistic but cautious as we approach a General Election , according to a survey .
POSITIVE OUTLOOK
Survey reveals businesses are optimistic about the future
UK Business Confidence Survey 2023 : Baines Jewitt explores the UK ’ s business landscape
Research carried out at the end of 2023 by Teesside-based Baines Jewitt Chartered Accountants , in collaboration with the UK200Group – the UK ’ s leading association of independent chartered accountants and law firms – has provided a comprehensive snapshot of the UK ’ s current business landscape .
The survey reveals that businesses from across the UK have mixed feelings about the future , oscillating between optimism and caution in the face of uncertainty .
The UK Business Confidence Survey 2023 invited businesses to share their outlook for the next 12 months , as well as how they have performed in the past 12 months .
A POSITIVE OUTLOOK Commenting on the findings , Baines Jewitt director Don Adams said : “ Business confidence surveys provide a useful tool for anticipating changes in economic activity and future business performance .
“ For example , as well as giving an insight into expectations , confidence surveys can help to forecast demand , determine concerns and identify emerging trends – which is useful in making plans for production needs , pricing structures and employment .
“ Although our survey represents a relatively small sample ( 236 businesses ) across the UK , the results seem to reflect the mood of the Teesside firms we work closely with .
“ For example , a third ( 35 per cent ) of businesses maintain a positive outlook towards the future .
“ This is a slight increase from last year ’ s 34 per cent , but still less than the 48 per cent recorded in 2021 .
“ The survey also found that 14 per cent of businesses hold a bleak outlook . Yet this is a significant decrease from the 23 per cent reported in 2022 .”
In retrospect , the past year has been a mixed bag for businesses . Approximately 30 per cent reported better performance compared to the previous year , while 28 per cent experienced a downturn .
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