21st November 2017
SME Confidence At Record High
Yorkshire’s SME sector is registering its strongest performance levels in eight years, a leading economist has claimed.
Sebastian Burnside, senior economist at Royal Bank of Scotland, told The Yorkshire Post that growth amongst small businesses was one of the key reasons that the UK’s economic performance has been doing better than expected.
A recent report by the Close Brothers Group found that 23 per cent of SMEs in Yorkshire aren’t measuring productivity compared to 28 per cent of SMEs in the UK overall.
Productivity is a particular sore point for the UK at present, as it drops to just 16 per cent, far behind other G7 countries.
While the northern regions are currently struggling with productivity issues, Burnside insists business growth has still never been stronger.
“There is a quiet confidence about the level of demand that people are seeing and whilst there are challenges going on and a bit more uncertainty than we are used to, people are getting on with it”, Burnside urges.
Adrian Sainsbury, managing director of Close Brothers Group emphasized that SMEs play an important role in the UK economy, and need to pay closer attention to productivity if they are going to take a positive step forward.
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