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Quarter 4 Results Indicate Slow Down

Published 3rd May 2012 by Rebecca Walker

Mid Yorkshire Chamber publish the results of the Quarter 4 Economic Survey, a barometer of business performance and confidence in the region.

This Q4 survey comes at the end of what has been a difficult and disappointing year for business, and illustrates the ongoing problems being faced by companies not only in the Mid Yorkshire region, but across the whole of the UK. Whilst some of our results reflect a measure of optimism, it remains clear that the underlying picture is one which confirms that the road to recovery will be a long hard slog as economic uncertainties continue to unravel.

Sales and Order Book figures continue to disappoint, and whilst official figures suggest that the UK economy is growing, albeit slowly, growth remains elusive for many of our companies whilst these difficult business conditions continue.


We continue to call for positive interventions, and whilst we note that a number of the suggestions we have raised were supported in the Chancellor’s Autumn Statement, we think there is still much more that can be done, particularly for exporters and manufacturers. Furthermore, given the prospect of additional Quantitative Easing measures early this year, it is particularly important that the Chancellor should immediately implement the Credit Easing measures he has announced for SME’s - in order to ensure the availability of finance for small businesses so that they will be able to expand rather than contract.

We also urge the Coalition to cancel all or at least part of the proposed Business Rates rise of 5.6% scheduled for April 2012, and we reiterate our call for the Government Scheme for Employer’s NI breaks to be made available in all regions, and to a wider range of businesses, in order to really encourage companies to employ people rather than penalise them for doing so.

 

Chamber Head of Policy Steven Leigh Commented:

“There are some very difficult policy decisions which need to be taken by the Government, sooner rather than later, if we are to be successful in rebalancing our economy in favour of manufacturing and exports as a means of achieving our economic recovery. Economic growth must be at the heart of that decision making, and a successful and vibrant business sector is essential if we are to make progress and realise our objectives.”

 

Read the QES analysis here


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