YORKSHIRE businesses are remaining hopeful in the face of austerity, according to new research.
Forty three per cent of Yorkshire businesses quizzed by Bibby Financial Services believe signs of a recovery could be up to three years away.
More than a quarter (26 per cent) of the region’s firms believe the Government should be doing more to support them and tackle the availability of credit head on, according to Bibby Financial Services’ Business Factors Index.
However, Yorkshire owners and managers remain cautiously optimistic.
Nineteen per cent said they were hopeful for the future, and 21 per cent reported that their business was thriving.
Thirty six per cent of firms in the region said their business was in better shape than this time last year with a further 42 per cent maintaining stability during the past twelve months.
Mark Storey, Bibby Financial Services’ spokesman for Yorkshire and the Humber, said: “While the business landscape in Yorkshire remains undeniably tough, our research shows small and medium-sized business owners across the region are, in fact, looking to the future.”
The Business Factors Index also found that companies surveyed across the region are taking positive steps to weather the storm and maintain solid foundations for when growth finally returns.
Forty per cent of businesses are managing debt more stringently and 64 per cent are reviewing costs.
Mr Storey added: “While it would be foolish to believe that economic recovery will happen overnight, these figures show that owners and managers have every reason to be hopeful for the year ahead.”
Of the 450 UK businesses surveyed by Bibby, 40 were from Yorkshire.