Business leaders have delivered a real vote of confidence in Britain as the best place in the world for their business, according to new research released today by Clydesdale and Yorkshire Banks.
Almost two-thirds of British businesses agree that the UK economy offers good long-term prospects for business growth and, despite the challenges in recent years, more than seven out of ten (71%) still believe Britain is a good place to start a new business.
Contrary to reports earlier this year which warned that many businesses might leave the UK to avoid changes to tax regulations, just 20 British businesses out of 1,010 (less than 2%) surveyed claimed to have had any plans to shift their companies off-shore in the medium to long-term.
China (12%) followed by New Zealand (7%) and Australia (7%) topped the list of places business owners might consider if they could relocate or set up a new business in another country.
Location (30%) as well as strong transport and communication links (23%) were identified as “the best things going” for British businesses.
Colin Fyfe, iFS Divisional Director for Clydesdale and Yorkshire Bank, commented, “Business leaders have demonstrated their clear commitment to the UK and shown how much the country is integral to their company’s success and future plans.
“Despite recent economic challenges, British businesses appear to be positive about the UK’s potential to deliver stability and growth opportunities to their business, so much so that they clearly have no intention of upping sticks and moving overseas.”
Research from Clydesdale and Yorkshire Banks earlier this year revealed that over the next 12 months most UK companies plan to reinvest at least 6% of turnover back into their business for commercial growth. Almost half (48%) of companies questioned said they would commit the spending to areas such as recruiting staff, new equipment and premises.
Colin Fyfe continued, “The UK’s business community appears positive about the country’s ability to enable business growth. With an economy that is starting to show signs of stability and a marketplace that offers strong businesses real opportunities, it is clear why business leaders have confidence and commitment towards what the UK has to offer.”
To help strong businesses realise their potential Clydesdale and Yorkshire Bank’s Investing for Growth initiative is designed to help successful businesses grow and develop by easing their cashflow pressures. It offers both new and existing business customers a dedicated planning service and a more flexible approach to lending.