Fri, 19 Dec 2008
Eight out of ten enterprises plan growth during economic downturn.
Businesses in the United Kingdom are defying continuing economic gloom to set their sights on growth, with 80 per cent planning to expand in the next 12 months, according to a new survey.
HSBC Commercial Banking, which conducted the poll, said approximately half of the firms intending to increase their operations are looking for new business opportunities abroad, startups.co.uk said.
The survey questioned companies at various stages of development, from new start-ups to established corporations, the site added.
Steve Bottomley, head of commercial lending at HSBC, said pursuing international opportunities will become increasingly important for UK firms as the cost of "supplies, services and skills" increases.
However, he added: "It is very encouraging that despite the current negative sentiment around the current economy both in the UK and internationally, businesses still recognise that it is important to consider their growth potential."
The British Chambers of Commerce recently said that although the British economy is in a technical recession, it remains in better shape than many in the Eurozone and could yet avoid a "major" downturn.
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