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14/05/2002
NI small businesses show increased confidence
Economic confidence among Northern Ireland’s small and medium sized business sector is returning following the shock of the September 11 attacks.
According to a new survey from accountants and business advisers, Grant Thornton, the quarterly Business Barometer report revealed that 36% of businesses surveyed in April 2002 felt optimistic about the economy – an increase on the 27% of respondents reporting optimism in early January.
Views from individual companies about their own prospects are more mixed, with a slight increase to 56% in those who are optimistic but a stronger increase to 15% in those who are pessimistic.
Overall, the news on employment is better. A quarter of the companies questioned forecast an increase in jobs, up from 15% in January, while the number expecting a decrease in employment fell.
Trevor Blayney, Head of Entrepreneurial Services at Grant Thornton, said: “The improved confidence is not based just on how business owners feel about economic prospects but on actual forecasts of sales. This latest Business Barometer shows encouraging increases in the number of small and medium sized companies expecting growth in both home and export sales over the next three months.”
The survey was conducted just before the Budget which, according to Mr Blayney, has been met by general disappointment.
“From the soundings we have taken, it would appear that any benefits that might have come from a drop in Corporation Tax rates will be greatly outweighed by the increase in employers’ National Insurance costs,” he added.
The findings of the Grant Thornton report echo the results of a recent survey from the Confederation of British Industry (CBI) which revealed small and medium-sized manufacturers have experienced their first rise in business confidence for over a year.
(CL)
According to a new survey from accountants and business advisers, Grant Thornton, the quarterly Business Barometer report revealed that 36% of businesses surveyed in April 2002 felt optimistic about the economy – an increase on the 27% of respondents reporting optimism in early January.
Views from individual companies about their own prospects are more mixed, with a slight increase to 56% in those who are optimistic but a stronger increase to 15% in those who are pessimistic.
Overall, the news on employment is better. A quarter of the companies questioned forecast an increase in jobs, up from 15% in January, while the number expecting a decrease in employment fell.
Trevor Blayney, Head of Entrepreneurial Services at Grant Thornton, said: “The improved confidence is not based just on how business owners feel about economic prospects but on actual forecasts of sales. This latest Business Barometer shows encouraging increases in the number of small and medium sized companies expecting growth in both home and export sales over the next three months.”
The survey was conducted just before the Budget which, according to Mr Blayney, has been met by general disappointment.
“From the soundings we have taken, it would appear that any benefits that might have come from a drop in Corporation Tax rates will be greatly outweighed by the increase in employers’ National Insurance costs,” he added.
The findings of the Grant Thornton report echo the results of a recent survey from the Confederation of British Industry (CBI) which revealed small and medium-sized manufacturers have experienced their first rise in business confidence for over a year.
(CL)
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Northern Ireland WeatherThis Evening and Tonight:Largely dry with clear spells at first, a few showers in the north and west. Becoming cloudier with rain spreading east through the early hours. Becoming windy, westerly gales developing along the north coast. Minimum temperature 6 °C.
