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Optimism declines as confidence surges across the eurozone


Uncertainty before the General Election could have been the reason for waning optimism among business leaders, says Southampton business and financial adviser Grant Thornton.


The firm’s latest International Business Report (IBI) revealed a stagnating of confidence among business leaders across the country, down to 65% in Q1 2015, from 68% in the previous quarter and a record 83% registered in the same period last year.


The findings came in contrast to business optimism across the eurozone economies in the first quarter of 2015, where confidence was moving back up towards pre- crisis levels.


Norman Armstrong, partner of Grant Thornton’s Southampton office, commented: “Businesses trade on certainty, so the uncertainty created by the highly unpredictable General Election, coupled with continued dialogue


on Britain’s future in the EU started to unnerve some business leaders.


“In order for their growth expectations to translate into more tangible realities, businesses need to invest in the skills and resources for growth – a difficult thing to do when so many ’known unknowns’ have been lingering.“


The research also found that a lack of skilled workers (31%), economic uncertainty (28%) and regulation and red tape (23%) were among UK business leaders’ top concerns and constraining their growth prospects.


Armstrong continued: “The UK economy has been on a steady upward trajectory as of late, and businesses up and down the country have found innovative ways of competing during the downturn – particularly the dynamic mid-sized businesses.


“However, the infrastructure for growth which can afford


New Breakthrough service for ’ambitious businesses’


Santander Corporate & Commercial has announced a new suite of services and products for the country’s most ambitious businesses. The launch is part of Santander’s plan to further disrupt and enhance the UK business banking market, and double its current SME market share to 10% by the end of 2016.


Based on four years’ experience of working closely with UK businesses – including hundreds of fast-growth SMEs under the Santander Breakthrough


programme – the new proposition is built around five key service pillars that will look to accelerate the business growth plans of more ambitious SMEs: knowledge, talent, international, connections and finance. The new service will retain the Breakthrough brand but significantly expand on the success of the previous initiative.


This is in response to recent research by the bank which found that around a third (36%) of UK firms describe themselves as ’highly ambitious’.


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MAY 2015


UK business longer-term success needs to be addressed – particularly as it relates to developing a talented workforce capable of meeting business demands. The new Government must address these concerns if the UK is to firmly cement itself as a global business hub.“


Optimism among eurozone business leaders jumped to 38%, from 13% in the previous quarter. Moreover, the eurozone economies hardest hit by the


financial crisis, such as Ireland and Spain, showed some of the strongest improvements, with Ireland ranking highest globally at 92%.


Despite the slight drop in overall business optimism in the UK, many business leaders were maintaining strong revenue (+69%) and employment (+50%) growth expectations, and were expecting to invest in plant and machinery (+50%) and R&D (+24%) over the next 12 months.


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