THE decision to leave the EU has prompted huge speculation about what the impact is likely to be for businesses, writes James Ramsbotham.

While many of our members are understandably concerned it could affect trade and investment, others are excited by the opportunity to strengthen ties in other global markets and cut loose from regulatory constraints.

The truth is that nobody yet knows what the economic outcome will be.

Any effects we are already seeing are caused by the immediate uncertainty or currency fluctuations, rather than actual changes to our relationship with the EU, which will not occur for some time.

What we have learned this week though, is that North-East businesses have entered this new era in reasonably robust shape.

Our latest Quarterly Economic Survey shows steady, if unspectacular growth, with most of the indicators we measure standing fairly close to their average levels over its 21-year history.

Each quarter we ask our members - companies from all sizes and sectors in the North-East - about a range of factors, to see if they have improved, declined or stayed the same over the past three months.

From those responses, we allocate scores to each indicator, reflecting the balance between those improving and declining.

As the biggest regular business survey in the region, it has proved since 1995 to be a very telling pointer towards the health of our private sector.

The high spot in quarter two is once again the score for workforce.

Since the last recession this measure recovered incredibly strongly and has been above its average level throughout the last three years.

Employment levels in the North-East have reached record highs and there is no sign members are slowing the pace of job creation - though staff costs are now cited as their biggest growing concern.

It is also pleasing to see concerns over cashflow are easing, with that indicator back into positive territory in the survey.

There are, however, some areas of concern.

While growth in the service sector is keeping all indicators positive, manufacturers have reported a drop in sales and orders.

The good news is they are still recruiting and investing, suggesting longer term confidence remains positive.

Whether that will improve or decline in light of the Brexit vote remains to be seen.

But we should take heart from this survey that our businesses are well equipped to weather any storms and seize any opportunities that come their way.

James Ramsbotham is chief executive at the North East England Chamber of Commerce.