Businesses scale back on budgets
ICAEW says businesses across the north-west region are scaling back on budgets as they brace for the oncoming economic storm
A study from the Institute of
Chartered Accountants in
England and Wales (ICAEW) reveals companies are preparing to protect their
profits as business confidence plummets amid the credit crunch.
Mark Hale, ICAEW regional director, believes north-west firms particularly,
are facing tough trading conditions compared with the rest of Britain, the
Manchester Evening News reports.
‘Confidence in the north-west has been severely dented because of the credit
crunch on the construction, property and retail sectors, all of which have
weakened significantly since the start of 2008,’ he said.
He said building firms and estate agents were the hardest hit. ‘Clearly
businesses in the north-west recognise the scale of the problems they are facing
and are battening down the hatches until the climate improves,’ he said.