London business confidence at all-time high says London Chamber of Commerce survey

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A survey published today by the London Chamber of Commerce and Industry (LCCI) has revealed that London businesses are feeling more confident about the future than ever before with the highest level of optimism ever recorded. Two thirds (66%) anticipate an improvement in the performance of their company over the coming year, while only 4% foresee a decline in their fortunes.

The LCCI’s Quarterly Economic Survey reveals that in the case of the country’s prospects, respondants were even more optimistic with over three quarters (77%) expecting an improvement in the UK’s economic growth over the next year.

The export market is also picking up. Having seen a decline in last quarters survey, a third of respondants reported an increase in export sales. Domestic sales too are on the rise with 35% of companies reporting an increase as opposed to 14% who saw a fall in sales at home.

There has been a slight decrease in those taking on new staff (28%) over the last quarter, compared to the previous two, but only 4% expect to let staff go over the coming year and over a third (34%) anticipate growing their workforce.

The recruitment of sufficiently qualified staff is a common problem with 57% of organisations reporting difficulties. Highlighting the need to address London’s workforce skills gap, professional managerial (64%) and skilled manual or technical staff (32%) were the positions most difficult to fill.

Chief Executive of LCCI Chief Executive Colin Stanbridge commented: “It is great to see London businesses looking confidently towards the future, feeling positive about not just their own company’s prospects but those of the wider economy.

“But we must not overlook the difficulties that our members face in recruiting sufficiently qualified staff as this is a real vulnerability and is holding London back. We were glad to see the Chancellor announce the expansion of apprenticeship grants to employers, which we called for in our budget submission.”

Are you feeling the confidence?

 

Posted by The Secret Businessman