The United Kingdom has finally welcomed long-awaited summer weather, and it seems the outlook on business in the country is sunny as well. A recent survey revealed that business confidence in Britain has surged to its highest level in six years. According to Lloyds TSB’s latest “Business in Britain” report, UK firms are expecting to hire more staff members during the next six months. They also expect orders, sales and profits to improve during this time.
Lloyds canvassed the views of nearly 1,800 UK businesses to collect this data. The key business confidence index below presents the current “balance” of opinion between companies with a positive outlook on sales, orders and profits in the coming six months, and those with a negative outlook on these same aspects of their business. Overall business confidence in the UK has climbed by 11 points in the past six months, and the confidence index now stands at 30% – a vast recovery from the dip of 2009.
Full report: Lloyds Banking Group
Looking at business confidence on a regional level, Lloyds has also determined that businesses in the East Midlands are the UK’s most confident, at an index of 36. London was ranked in second place with an index of 30, and as many foreign investors are currently contributing to a rise in London’s office and retail property sales, business in the English capital shows no signs of slowing.
International outlook
It’s interesting to note that the current growth of business confidence in the UK isn’t typical of this year’s global activity. Markit’s Global Business Outlook Survey revealed a sharp decline in business confidence, largely driven by drops in the US and China.
The survey shows business confidence dropping in all key developed economies with the sole exception of the UK. Similar research in the world’s emerging markets have shown that confidence levels are highest in Brazil, while India and Russia lag behind and China has slipped to last place.
So, with these statistics in mind, how can businesses around the world prepare for growth, or protect themselves against market instability? One useful strategy is to opt for flexible workspace solutions that are available on varied lease lengths and terms, and permit rapid up- or downscaling.
Instant Offices makes the transition to flexible workspace easier than ever before. Talk to an area expert now and join in on the UKs explosive business growth.