London businesses most optimistic in UK, report shows
The latest Lloyds Bank Business Barometer has shown that businesses in London are the most optimistic in the UK, with positivity standing at 42% compared to the UK average of 33%.
Businesses in the city are also feeling positive about exporting, with more than half of respondents planning to export or enter a new market over the next six months.
The barometer revealed the top reasons for exporting, with boosting sales topping the list at 34%, followed by increasing profits at 33%. Demand from overseas was also found to be one of the main reasons for London businesses considering exporting, with this being cited by 28%, whilst 20% cited government encouragement.
Confidence was found to be high amongst London businesses in terms of exporting, with more than 50% saying that they would feel confident about doing so for the first time or entering a new market in the next six months.
When it comes to Brexit, more than 40% of London businesses are expecting it to positively impact business activity, compared to 22% who believe that it will have a negative impact, whilst 32% think that it will have no impact at all.
Commenting on the report, Lloyds Bank Global Transaction Banking London Area Director Stephen Hand said: “It’s encouraging to see that exporting plays an important part in London firms’ growth plans over the next six months.
“The fact that 59 per cent of London businesses are looking to either start up or expand their export operations shows the desire for our region to take advantage of the appetite for our products and services abroad.”