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British businesses are responding more positively to the economic slowdown than their European counterparts, according to the 2006 Barometer findings from European receivables finance network, Eurofactor.
The survey found that less than 15% of UK businesses anticipate that they will require additional funding in the coming year. Elsewhere in Europe, the average is nearer 25%. Average payment time in the UK is around seven weeks, but in other European countries it can take anything from two to three months. Although they are still keeping a very watchful eye on China, British businesses appear to feel much less threatened by competition from emerging countries than their European counterparts.
The Barometer also shows that British business managers are still keen to invest money to help their businesses grow, despite the slow down in the economy. Only 20% of the companies in the UK that contributed to the Barometer plan to resort to credit in the next 12 months. This is the lowest in Europe, with Germany and Spain in contrast indicating a figure of around 40% of businesses in the same position.
Eurofactor conducts the Barometer annually to provide an insight into the management of customer accounts throughout the continent. Compiled using data obtained from more than 3,000 European companies with six to 500 employees, the survey highlights several key trends that will potentially affect the European market.
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