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Economic Optimism

Economic Optimism

Category: Business

Updated: 31/10/2008
First Published: 28/06/2006

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Bank of Scotland Business Banking's quarterly UK-wide small business economic confidence survey has revealed optimism amongst entrepreneurs is running high for 2006. Almost nine out of ten (88%) of entrepreneurs believe the performance of their businesses will be better or stay the same in the next 12 months.

Encouragingly, over three-fifths (62%) of small business remain confident in the UK economy, while only a third (33%) believe general economic conditions will be worse in the next 12 months.

This increased optimism amongst entrepreneurs is evident with almost two-fifths (38%) of small businesses now expecting to increase investment over the next 12 months. Increasing staff numbers is part of the business plan for almost a third (32%) of small businesses.

Despite this increased confidence, entrepreneurs still feel they are having to work very hard to achieve success. Three-fifths (60%) of small businesses claim it has become more difficult to run their businesses over the last five years.

Kevin Gillett, Head of Bank Scotland Business Banking, commented: "Almost without exception, the UK's entrepreneurs believe their business will fare better over the next 12 months and their confidence in the economy is clearly running high. Coupled with almost unprecedented increases in capital investment and strong recruitment intentions, small businesses are clearly gearing up for a strong performance in 2006".

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