Business confidence is highest in Wales

Wales appears to be the best place to launch a thriving business, according to new research.

The latest edition of the ICAEW/Grant Thornton UK Business Confidence Monitor has indicated that confidence amongst business owners is higher in Wales than it is anywhere else in the UK.

The report, which generates a confidence index rating based on a number of factors affecting small businesses, found that optimism is increasing in most regions, but has sky-rocketed in Wales over the last quarter. This was due to increasing turnovers, improved hiring intentions and better access to finance amongst other things.

In the current economy, those choosing to start a franchise would be well advised to do so in a region where confidence is high. The increased competition between lenders and the willingness of local residents to spend money are just two benefits of doing so.

Despite these promising figures, ICAEW Wales director David Lermon has pointed out that there is still plenty of room for improvement in the Welsh economy.

He told walesonline.co.uk: “The latest results are positive with Welsh businesses believing that gross profits will rise by almost four per cent and jobs levels by 1.5 per cent over the next year. There is cautious optimism amongst our members.

“But there is certainly no room for complacency with continuing uncertainty in the Euro zone. Increasing our economic output is key for future growth and prosperity in Wales.”

According to icaew.com, nationwide business confidence is at its highest level since Q2 2011.