FIRMS in Oxfordshire are bucking the gloom forecasts and predicting boom, according to a new survey.

The study of more than 1,000 firms found that almost 60 per cent were expecting sales to grow this year.

They were also planning to invest in information technology, communications and management training.

Just under half the firms surveyed by the Heart of England Training and Enterprise Council were expecting to invest in plant and machinery.

The results coincided with this month's launch of the South East England Development Agency, which aims to make Oxfordshire one of the fastest growing regions in the world.

The agency plans a series of innovation centres to encourage entrepreneurs and venture capital funds to finance ideas.

The TEC survey estimated that there has been net employment growth in the county during the past year of more than 10,000 jobs, equivalent to nine per cent.

A note of caution was sounded by firms reporting a continued skills shortage.

The firms surveyed are ahead of the game in the electronic stakes with 81 per cent possessing Web sites and 31 per cent, mainly smaller companies, using e-commerce to enable customers to order goods and services on-line.

TEC chief executive Barrie Giles said: "The survey confirms there are serious skills shortages. In my view the only way to overcome this problem, is for companies to take a long-term view over training and link it with their business objectives."

Story date: Monday 05 April

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