Lack of confidence is hindering growth, says PwC
The growth of businesses in the East Midlands is faltering due to skeptical attitudes about the economy. According to a report by PricewaterhouseCoopers (PwC) concerns regarding public sector spending cuts and fiscal policy are holding back businesses in the region.
The East Midlands' business confidence levels remained unchanged in the three months to July. The region’s business also reported that whilst economic growth remained positive, there had been no improvement in the second quarter and the performance of the manufacturing sector had been responsible for driving economic growth.
Mark Shires, senior partner at PricewaterhouseCoopers in the East Midlands, said: “The local business community is expecting a low level of growth but not with any high level of confidence. This is in line with most other regions of the UK. The performance of the manufacturing sector helped to bolster economic growth in the second quarter but the continuing uncertainty surrounding public sector cuts means the climate of uncertainty will persist for a while longer.”
The firm’s third Regional Trends Report collates the results of a poll of PwC’s regional business leaders on the prevailing sentiment among the wider business community in London, the East and West Midlands, the North East, the North West, Northern Ireland, Scotland, the South East, the South West, Wales and Yorkshire & Humberside.
