Confidence dips among finance professionals

12/02/2008

Confidence among finance professionals in the UK has dipped significantly in recent weeks, it has been revealed.

According to the business confidence monitor collated by the Institute of Chartered Accountants in England and Wales (ICAEW), the impact of the so-called credit crunch and the prospect of a US recession have made finance professionals around the country less optimistic about the future.

However, the institute has also suggested that companies that adapt effectively to the changing economic climate will be well placed to grow their business despite the likely trading difficulties in 2008.

For many firms, invoice discounting or factoring arrangements will help them to avoid a downtown in their activities and on a national level the ICAEW is convinced that a recession is far from inevitable.

"Although business confidence is low there are a number of practical things businesses can do, no matter what size they are, to help ensure they get through this period of uncertainty," explained Michael Izza, chief executive of the ICAEW.

Alison Small from City Invoice Finance told the Manchester Evening News recently that the appetite for factoring solutions is increasing around the UK.