- Twice as many businesses in the North expect sales volumes to fall over the next 12 months
- Businesses in the North are less confident about putting their prices up
CAMBRIDGE, England, Jan. 17, 2025 /PRNewswire/ -- Businesses in the North of England are more likely to face challenging financial headwinds over the next 12 months compared with their peers in the South. These headwinds include a potential fall in demand for their goods and services and barriers to raising their prices, according to research by Price Bailey, a Top 30 firm of accountants.
Price Bailey surveyed 750 Finance Directors who work for business with a turnover of £10m-100m and asked them about projected sales volumes and the prices of the goods and services they provide.
The results revealed that more than twice as many businesses in the North of England (25%) expect their company's volume of products and services sold to decrease over the year ahead compared to their peers in the South (12%).
Businesses in the North are also significantly less confident about increasing their prices than their counterparts in the South. With 20 percent of businesses in the North expecting to increase their prices significantly over the next 12 months compared to over a third (37%) of businesses in the South.
Chand Chudasama, Partner in the Strategic Corporate Finance Team at Price Bailey, says: "As UK businesses continue to navigate difficult trading conditions and an evolving policy environment, the evidence suggests that their resilience levels are likely to vary according to where they are based."
"The Government should be conscious of regional and sector-based differences. These differences create fundamentally different economic outcomes to the lives of many people and the unintended consequences of broad changes to matters such as minimum and living wage and taxes can create systemic and irrevocable issues to both sectors and communities."
The report can be found here: https://www.pricebailey.co.uk/reports/uk-businesses-regional-divide-north-vs-south-financial-challenges/
For more press information, please visit: https://www.pricebailey.co.uk/enquiry-form/
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