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South East businesses highly optimistic
Business confidence in the South East is at its highest level since 2010 and is positive for the first time since Q2 2012 according to the latest ICAEW/Grant Thornton Business Confidence Monitor (BCM).
’... the South East sends more goods overseas than anywhere else in the UK’
The BCM Confidence Index score of +17.5 for the South East, compared to the national average of +12.8, ranks the region as one of the most optimistic for the year ahead.
Companies expect continued export growth, rising this quarter by 4.1% compared to the same period last year. This follows the general upward trend for the region over the past four quarters
from 2.7% annual growth in Q1 2012. Promisingly, companies are expecting this strong performance to continue over the next 12 months, predicting export growth of a further 4.9%.
Andrea Dunhill, incoming ICAEW London and South East regional director, said: “At nearly £43 billion a year, the South East sends more goods overseas than anywhere else in the UK. With export growth in the region above the national average – where there was also slight growth – the robust performance will strengthen hopes that an export-led recovery, vital for the future strength of the national economy, could be beginning.“
Employment levels across the region have increased by 1.5% during the past year, and businesses expect staffing levels to increase by a further 2.0% over
Insolvency industry saves jobs and businesses
Engaging with insolvency practitioners (IPs) does not necessarily signal the end of a business. This is according to new findings by ComRes on behalf of R3, the trade body for insolvency professionals, which show that the UK insolvency industry is estimated to have saved more than 750,000 jobs and 6,000 businesses in 2012.
The ComRes’ analysis of the insolvency industry found that in 45% of cases, the businesses advised by IPs avoided full closure. Of those in formal insolvency procedures, 27% continued in some form. This comes against a background of falling corporate insolvency numbers, down 11% from 2009.
Southampton insolvency expert James Stares, southern regional chair of R3 and director at Grant Thornton in Southampton, commented: “The insolvency profession may seem at first glance an unlikely saviour of businesses and jobs, but a struggling business
may well survive in some form, and I am heartened by the high numbers of jobs saved and the contribution that is making to the UK economy.
“The findings also highlight that practitioner work involves advising a business pre-insolvency or restructuring, which is often overlooked.“
The total number of business insolvency cases in the UK stood at 17,819 in 2006, and peaked at 25,432 in 2009, but has since declined by 11% to 22,590 for 2012.
Stares added: “It may not feel like it with the succession of high-profile retail collapses earlier this year, but business failure has been on the decrease since 2009.
“These findings show that, though minor changes could be beneficial, the UK’s insolvency regime is broadly working well. This is backed up by favourable comparisons to other international insolvency regimes.“
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JUNE 2013
the next year. Despite this, pay growth is predicted to stay modest at 1.8% compared to 1.7% over the previous 12 months.
Norman Armstrong, partner at Grant Thornton in Southampton, said: “As the heartland of British exports, the steadily-growing confidence in the South East represents not only a glimmer of hope for the local economy, but also for that of the wider British economy.
“Rising employment levels, increased turnover projections, declining insolvency rates and other metrics help substantiate the fact that the optimism shown by businesses in the region is grounded in the reality of a more favourable economic climate – particularly for those businesses that have expanded their footprints in foreign markets over the past few years.“
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