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Saturday, 20 December 2014

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Cumbrian firms urged to start investing

Businesses in Cumbria are being urged to invest now if they are to reap the benefits of economic recovery in 2014.

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Mike Mullaney: Businesses need to focus on expansion

Mike Mullaney, area director for Cumbria and the North East in the mid-markets team at Lloyds Bank Commercial Banking, believes that some firms are still cautiously sitting on cash.

He said: “Confidence among businesses in Cumbria is unquestionably growing, supported by improving conditions in employment, the manufacturing and services sectors, and the broader economy.

“However, we are currently looking at a trend of around nine per cent growth in cash deposits on balance with us nationally, which shows that cash is still on balance sheets and not yet beginning to be invested.”

He believes that many businesses will have to change strategy in 2014.

He said: “Until recently, finance director and treasurers’ strategies were focused on conserving cash and managing expenditure in the downturn. Now they need to focus on expansion and preparing for growth to take advantage of recovery opportunities in 2014. That’s a big change for many.”

He added: “We expect the level of corporate investment in Cumbria to gradually increase throughout 2014.

“The rate of this expansion for individual businesses, however, will depend on them preparing for growth now, both in terms of their business strategy and financing position.”

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