Growth of North firms hampered by 'barriers'

TWO business surveys have painted a downbeat picture of trading conditions for some North East firms.

- GRAEME WHITFIED

The latest business barometer from Novuna Business Finance found that more than eight in 10 small business owners (84%) in the North East cite barriers holding their firms back from growing, the highest level since seen since 2022.

And a quarterly report on the region’s manufacturing sector found worries over exports, particularly to the US, and output being flat.

The findings from Novuna Business Finance's Business Barometer highlight market uncertainty, the impact of the cost of living crisis and even the 'long tail' of Brexit as factors cited by North East business owners.

There was also a rise in the number of business owners complaining about the impact of red tape on their businesses, as well as the problems of skills shortages.