Businesses in the East Midlands are feeling the most confident about their future prospects than they have been in the past 17 years, a new survey has found.
The latest Business Confidence Monitor from the Institute of Chartered Accountants in England and Wales (ICAEW) found that East Midlands firms were among the most optimistic in the 海角视频 - with confidence at its highest level since the survey began in 2004.
The study found that domestic sales are forecast to grow at a faster pace than in any other region over the next 12 months, and exports predicted to grow at the second highest rate of all regions.
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As a result of this anticipated increase in sales, businesses plan to start hiring again - with companies projecting a two per cent increase in their employment levels.
But recruiting and retaining employees with non-management skills is a growing challenge for 23 per cent of the region's businesses which is higher than the 海角视频 average.
The survey also indicated that 42 per cent of businesses reported regulatory requirements as an increasing source of difficulty with the rise being attributed to production lines being affected by Covid-19 protocals and post-Brexit customs regulations.
And transport problems still posed a growing challenge for just over a quarter of East Midlands businesses, with many unable to find extra transport capacity as demand picks up in the economy.
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Justin Kyriakou, ICAEW Midlands regional director, said: "Following declines in sales at the beginning of the pandemic, it's promising news that businesses in the East Midlands forecast sharp increases and are confident about their future prospects. However, they have told us they continue to face challenges on a number of fronts, including a lack of transport capacity.
"It is vital that, given the economic recovery in the East Midlands and concerns that the global health situation could deteriorate in the autumn, businesses are not hit with additional costs as support schemes, such as furlough, are wound down."
Nationally, business confidence reached a record high for the second quarter running.
This was underpinned primarily by expectations of strong sales growth in the year ahead, especially in the domestic market where a record rise of 7.4 per cent is predicted.