THE North has stronger prospects for job creation and financial growth than the South of the country, says a new survey.
Turnover and gross profits growth in Northern England are expected to rise in the coming year in contrast to flat expectations nationally, according to the survey by the Institure of Chartered Accountants of England and Wales (ICAEW).
It says nearly three-quarters of Northern businesses expect their turnover to grow and the above average rise in employee numbers seen in 2012 looks set to continue.
And while capital investments growth is predicted to drop back to UK average levels in the next year, this follows a spurt in investment growth in 2012 when nearly half of businesses invested more than the previous year.
Keith Proudfoot, ICAEW regional director, said: “Increased profitability is the most prevalent key objective over the coming year, cited by around four in 10 businesses in the region, with increased turnover and managing cash/debt the next most likely key objectives.
“Business priorities in the North are broadly in line with the UK generally, and while competition, customer demand and regulation have been the most mentioned increased challenges here the rise of competition and regulation are less widespread challenges than nationally.
“It is also interesting that like most parts of the UK, Northern businesses have seen a positive shift since 2011 in their opinion on whether the UK’s tax and regulatory system is business- friendly.”