ENTREPRENEURS in Oxfordshire are upbeat about the county’s prospects, despite an uncertain global economy.

Nearly half of business people believe prospects remain stable for the next quarter, with 19 per cent predicting a positive pick-up, according to a new survey.

The Oxfordshire Business Barometer was launched jointly this month by In Business magazine – published by the Oxford Mail’s sister paper The Oxford Times – and law firm Withy King.

Only 32 per cent of respondents thought market conditions were getting worse.

Richard Baxter, corporate partner at Withy King, said: “While the global economic outlook continues to cause uncertainty, Oxfordshire’s businesses seem to be responding with appropriate and admirable calm.

“I would attribute such rational confidence to a healthy dose of perspective, given the region’s clear competitive advantages.”

The survey, involving more than 100 business people, is designed to provide a snapshot of the economy. It will be repeated every three months while the present climate of economic global uncertainty persists.

Over the past year, 62 per cent of respondents reported an increase in turnover with 27 per cent with a further 27 per cent saying it had stayed the same. In the same period, 53 per cent said they had seen an increase in new work, and 36 per cent said their order books had remained the same.

Looking to the future, 53 per cent thought turnover would increase during the final quarter of 2011, with another 38 per cent believing it would stay constant.

Only nine per cent expected to see turnover drop.

On employment, 29 per cent expected to boost their workforce headcount during the last quarter of 2011. Another 60 per cent said it would remain the same.

Only 11 per cent forsaw decreases in their worker numbers.

On investment, 69 per cent are planning to pump money into their businesses this quarter, with 37 per cent of those planning to invest in people, 37 per cent in research and development, and 26 per cent in premises.

A round-table debate about issues raised in the Barometer will be held on November 17. Directors of Oxfordshire companies are invited.

business@oxfordmail.co.uk * For more information, or to join in the survey, email barometer@ withyking.co.uk