Germany is seen as the most respected economy among small business owners in Yorkshire according to a new report.
The latest Close Brothers Business Barometer revealed a fifth of small business owners in Yorkshire and Humber see the world economy they most respect as the German one.
A recent report from German machine tool body VDW showed the country’s machine tool industry had returned to record levels of production and new heights in exports.
Germany’s prowess as a manufacturer and an exporter as well as the inherent smart financial planning culture it has means Yorkshire and Humber businesses are looking to them for inspiration.
Steve Gee, managing director of the manufacturing division at Close Brothers Asset Finance, said:
“Yorkshire and Humberside has high hopes that the manufacturing sector will play a key role in returning the country to prosperity so it’s little wonder that firms here are looking to the German model for inspiration.”
He added: “Findings from the Close Brothers Business Barometer suggest smart financial planning is an inherent part of the German culture and an aspect of their business model that can be learnt from.”
According to the Office for National Statistics, UK manufacturing rose by 1.1% in March following a 0.7% increase in February, the first time in two years that the industry experienced growth for two consecutive months.
The report also reveals 14% of firms surveyed in Yorkshire and Humberside still see their biggest barrier to growth as being access to appropriate funding.