London businesses more optimistic about growth prospects

Tuesday 31 December 2013

City of London

Rising levels of optimism is being seen among London businesses, as the new year approaches.

According to research conducted by KPMG and the Confederation of British Industry (CBI), 69 per cent of business leaders are positive about the future of their own companies.

This is up from 56 per cent in Q3 2013, offering further evidence that the business landscape is fast improving in the UK.

Nearly three-quarters of those surveyed (73 per cent) said they are planning to expand in 2014, with 47 per cent targeting growth overseas.

Sara Parker, CBI director for London, said that as the recovery begins to gain traction, London firms’ optimism levels "have jumped".

“Improving confidence about the economy is feeding through into upbeat expansion plans," she stated.

"To successfully rebalance the economy, we need UK firms to expand overseas, so it’s good to see that many London businesses plan to branch out to new markets."

Richard Reid, London chairman for KPMG, added that London "houses the UK centre of global commerce", with many businesses already operating in or exporting to overseas territories.

Many see this as the natural next step in their growth plan, he explained.

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Posted by Jenny Arthur