Most UK businesses expect to grow in new year, surveys find
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Economic confidence polls reveal that 70% expect turnover to rise and 73% expect profitability to rise. A majority of UK businesses expect a positive start to 2025, according to two economic confidence surveys which show managers planning for growth after a challenging period for the economy.
About 70% of UK businesses expect their turnover to increase over the next year, up from 62% in December 2023. Meanwhile, 73% are confident of greater profitability, according to research from Lloyds bank. Hann-Ju Ho, a senior economist at Lloyds, said: “It is exciting to see that businesses have ambitious plans for next year and are confident of growth. Overall, businesses have responded well to the changing external environment. While the economic outlook has been challenging, the steps firms are taking to grow should put them in a strong position for success in 2025.”.
The survey by the high street bank, which polls 1,200 businesses monthly and claims to provide early signals about UK economic trends, was mirrored by research into expectations in the financial sector, a key driver of the UK economy. Seven in 10 financial services bosses said they are confident that the government’s plans will drive growth and competitiveness in the sector during 2025, according to data collated by the accounting group KPMG.
The quarterly poll, which tracks sentiment among more than 160 senior financial services executives, found that 68% are confident that the chancellor’s plans to “regulate for growth” and launch a financial services competitiveness strategy in the spring will help to attract foreign financial services investment.
