INCREASING competition is squeezing profits at local firms, according to a survey out today.
The North West Chambers of Commerce survey, to which East Lancashire firm's contribute, found more than nine out of 10 firms said they were taking active steps to improve profit margins and find new markets.
The quarterly survey found that manufacturers in particular were suffering from reduced profits.
The strength of sterling was still a major problem, along with increased competition from emerging countries. But there are signs the situation is improving.
"The external environment for firms in the North West is positive," said Kate Thomson of the Royal Bank of Scotland, sponsors of the survey.
"Interest rates are at, or close to their peak, world growth is picking up and there are signs that sterling may depreciate. The challenge now comes from the changing competitive environment and the ability of firms to prosper under these conditions is crucial for the North West."
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