Small and medium sized enterprises (SMEs) across the UK are feeling bullish about their prospects for the rest of 2021, as nearly a quarter have surpassed their pre-pandemic levels of output.
According to the Barclaycard Payments Barometer, SMEs across the UK should expect an average eight per cent growth in revenues for 2021.
SME’s in London are ahead of the national average and expect to see more than a eleven per cent growth in revenues for 2021.
This equates to three and a half per cent more than the UK nationally.
Small businesses are those with revenues of between £2 and £10m, while medium sized businesses are identified as those with revenues of between £10 and £25m.
In response to the findings CEO of Barclaycard Payments Rob Cameron said:
“While the world may be returning to some form of normal this year, small businesses have realised the benefits of flexible working and digital skills, with many already looking at what improvements they can take forward into 2021.
Ahead of the Prime Minister’s announcement on Monday revealing the roadmap to recovery, not all SMEs are ready for the loosening of restrictions.
According to the survey, three in ten SMEs said they were prepared for the easing of lockdown measures.
Optimism has also been sourced from the jump in job applications, with twenty five per cent of SMEs reporting such rises.