British entrepreneurs have shaken off a turbulent year and are steaming ahead with growth plans, as a new study shows 90 per cent are optimistic for the future.
A survey by EY out today, reveals 90 per cent of UK entrepreneurs think their business’ profits will increase over the next 12 months, and 53 per cent anticipate growth of more than 10 per cent.
Most are also expecting to hire: 93 per cent of those surveyed said they planned to create new jobs over the coming year, and a fifth were looking to hire more than 50 new jobs.
Despite general election worries, Eurozone chaos, uncertainty about rate rises, Brexit and the strong pound hitting exports, 76 per cent of respondents said their profits had increased over the last 12 months.
Although as smaller businesses, it is possible that a more domestic outlook insulated them from some of the turmoil abroad.
Boosted by their strong performance, British entrepreneurs have called on the government to honour their commitment to SMEs with a review of business rates and extending the Start-Up loans programme, only 29 per cent of interviewees believed the government has deserved.
Stuart Watson, UK entrepreneur of the year programme leader, said: “Entrepreneurs have survived a turbulent twelve months, proving the resilience of the UK’s medium sized firms. Uncertainty over the general election result and an ongoing crisis in the Eurozone could have hampered their businesses’ growth but entrepreneurs are firmly planning to lead the way when it comes to increasing turnover and creating jobs.”
Nearly a third of small and medium businesses have called for more locals powers to help support their growth plans, and said the support regional devolution.
Steve Wilkinson, EY’s markets leader for the UK & Ireland, said: “They believe that devolved powers will make decision making faster and better informed, giving them more confidence to plan ahead at the pace that a rapidly changing business environment requires.”