Sun, 28 Aug, 2016
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More than half of UK firms 'have confidence in the economy'

Some 56 per cent of business owners are confident about the state of the UK economy, a new report suggests.

According to Bank of Scotland Business Banking, 82 per cent of entrepreneurs in the UK believe that their individual business performances will be the same or better than they were in 2006.

Moreover, this confidence comes despite an increasing amount of red tape encountered by businesses in their battle to find new customers, the study reveals.

The amount of firms predicting a worse financial year than 2006 has reduced, with 13 per cent of those surveyed anticipating a poorer 12 months.

Kevin Gillett, head of Bank of Scotland Business Banking, remarked: "The UK's 1.4 million small businesses are the backbone of the economy.

"This report paints a very encouraging picture for 2007 with rising economic and business confidence levels."

He added that despite concerns over increasing legislation, businesses still have faitrh in their entrepreneurial abilities to be successful.

Businesses in the retail motor industry recently called for the government to create less red tape.