UK firms demonstrate newfound confidence

Nearly three quarters of UK businesses describe their attitude towards the economy as either ‘hopeful’ or ‘excited’, while a similar amount are either continuing to grow or predict they will return to growth within the next 12 months.

The Connecting Business survey, carried out by Barclays Commercial, found that 57 per cent of respondents characterised their outlook towards the economy as ‘hopeful’, with a further 17 per cent describing their attitude as ‘excited’. Only 11 per cent stated they were ‘worried’ by the general state of the economy.

The research also revealed a confident stance towards recovery, with 15 per cent of respondents believing their company will move back into a sustained growth phase within the next six months and 28 per cent believing this will occur within 6 to 12 months. Additionally, 29 per cent claimed their business continues to grow.

Ian Stuart, managing director of Barclays Commercial Bank, said: “Confidence is key to recovery and the results of this survey demonstrate a real and growing confidence in UK businesses. The past 18 months have provided an extremely testing environment for many organisations; however, after evolving to meet the challenges of this new commercial landscape we are now seeing the beginnings of a renewed drive for growth.”

“We believe there is a long way to go before we see a full economic recovery, but it is encouraging to see so many businesses displaying such a positive mindset.”