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UK Firms See Bright Future
World Economy

UK Firms See Bright Future

According to a new study by accountancy firm Grant Thornton, British businesses are amongst the most optimistic in the world, being beaten in Europe only by Ireland.
The new research surveyed more than 10,000 companies across the world and found that almost three quarters of UK-based businesses were hopeful for the year ahead, London School of Business and Finance reported.
The proportion of companies saying that profits were expected to rise over the course of 2016 leapt by 23 points to hit a figure of 63%.
As well as increased profits, good export prospects and plans to increase investment and research were other factors highlighting how British companies believe the business future to be bright.
Even the ongoing problems of China’s economy don’t seem to have affected the mood and some UK businesses could actually benefit from the world’s second largest economy being in trouble.
Robert Hannah from Grant Thornton commented: “In many ways, the UK’s optimism is testament to the new-found resilience of our economy in light of the myriad challenges it has faced over recent years.”
Another survey, this time from The Confederation of British Industry (CBI) in their end of year report, noted that 20% of the 766 companies it interviewed had recorded an increase in output in the final quarter of 2015.
The director general of the CBI, Carolyn Fairbairn, said: “The UK has finished the year strongly, with business services acting as a lightning rod for growth.”
The CBI did however issue a warning that slower growth in China could have negative effects on UK businesses, as could the apprenticeship levy, national living wage and unreformed business rates.

 

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