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  • London leads the way: SME confidence rebounds to nine month high after 50,000 firms folded last year

London leads the way: SME confidence rebounds to nine month high after 50,000 firms folded last year

Confidence among small and medium-sized businesses (SMEs) continues to grow across the UK, with London leading the way, new data showed.

by | 21 Feb, 2023

60 per cent of respondents in the capital expect their revenue to grow this quarter while they intend to make 12 new hires this quarter, according to Barclays SME Barometer.

London is ahead of the rest of the UK, which has a national national average of 55 per cent expecting revenue to grow and an average of just seven new hires.

Across the country, 41 per cent of SMEs were optimistic about the prospects of their business, the highest level in nine months. 

Only 15 per cent of SMEs maintained a pessimistic outlook for their own prospects. In London, this figure was only eight per cent. 

While SME confidence was improving, the proportion feeling optimistic about their business was still lower than the 49 per cent recorded at the beginning of last year. 

73 per cent felt worried about their energy bills, with more than half looking for ways to reduce the amount of energy they use. 

Read more at City A.M.

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