The jury is still out on business prospects for 2015 as members of the West Yorkshire Business Jury were unable to reach a majority verdict in its final ruling of 2014.

The jury, which is run by Holmfirth accountants and business advisers V&A Bell Brown and made up of business owners and directors from the West Yorkshire area, felt 2015 held plenty of promise for employers, but said they also faced some hard decisions.

Amanda Vigar, managing partner at V&A Bell Brown and founder of the jury, said: “There is some uncertainty for the economy – both domestic and overseas – with the state of the Eurozone, which looks as though it is moving into recession in parts. The threat of an interest rate rise is already putting people off investing and auto enrolment and wage rises will be a real cost to employers. Unrest in the public sector is also a concern going into 2015.

“However, some industries are seeing growth, partly because of alternative finance sources and the fact they are being more creative in how they do things, so there is plenty of positivity for the year ahead. I think it could be another tough year with both winners and losers!”

Morgan Wilson, of Juice Learning, said: “Most organisations see staff training as an investment for the future and they only invest if they are confident about their own prospects. Even in sectors where we’re led to believe that the pressure is on, they’re keen to invest in their people, retain the very best and recruit for the future.

“I’d add the caveat that things can change quickly. When the recession first hit, it hit fast and hard, so we, like any sensible business, hope for the best, but are ready for the worst.”

Mike Funnell, of Power Tool Services, believes business will continue to suffer until the Government makes changes to suit everyone, especially in the North.

He said: “For all the politicians have to say, I’m afraid, in the North, we’re still in recession. With the cost of living crisis and wage freezes, disposable income has become restricted, which has impacted heavily on business and will continue to do so, as this has led to a change in buyers’ habits who tend to lean towards the internet.

“Low cost immigrant labour is also having an effect on people and jobs. It’s going to be another tough year all-round and until the Government recognises what’s happening, nothing is going to change.”

Charles Brook, partner at Brook Business Recovery, said: “There are so many contradictory indicators around. I would like to think that the overall trend is towards improved trading conditions across most business sectors, but it remains an extremely fragile trading environment. The combination of a general election year and capacity for increases in interest rates and fuel prices could be influential in the economic outcome.

“Many businesses are still hampered by a lack of cash flow and significant liabilities, especially unpaid tax and with a shift towards more assertive collection procedures by some creditors, I think that we can anticipate an increase in failures amongst less experienced businesses formed during the recession.”

But, Max Earnshaw, of Earnshaw Kay, is confident about the year ahead as he feels the property market will stabilise and the economy will continue to grow. He said: “On balance, I’m optimistic for 2015. I think the property market will remain stable and the Government will be keen to run into the general election with people feeling confident that the economy is buoyant.”