Heightened recruitment drive provides boost to UK SME confidence
Data from Western Union’s latest International Trade Monitor indicates over one third of UK SMEs plan to recruit more staff; positive outlook checked by fall in export activity. January 22, 2014 | Magessan RajA rise in hiring prospects has heightened a surge in confidence for British small and medium sized enterprises (SMEs), according to a recently released study by Western Union’s International Trade Monitor. The quarterly economic confidence study, encompassing a survey of 665 UK SMEs engaged in international trade, found that British SME confidence grew in Q4 2013, with over 77% of SMEs positive of an upturn in fortunes in the UK economy. According to Western Union, this figure represents the fifth consecutive quarterly rise and the highest number yet recorded. Nearly half of SMEs surveyed felt that the health of the UK economy has improved over the last six months. Of those seeing an upturn, an overwhelming majority (90%) believed that it is sustainable. Interestingly, manufacturing SMEs were found to be more optimistic about the future than their retail counterparts; 55% expect the general business environment in the UK to continue to improve in 2014, compared to 45% of those in the retail sector. More significantly, the study found that over one third of the SMEs (36%) indicated a willingness to recruit more staff, the highest number on record, while more than half (59%) intend to retain current staff levels, with only 5% stating plans to reduce headcount. "SME confidence in the UK recovery remains on track. 2013 ended with a string of positive economic data; what we are seeing now is faith in the strength of the British economy translating into action as more small and medium-sized businesses look to increase investment in their companies," said Kerry Agiasotis, global managing director at Western Union Business Solutions. However, SMEs’ overwhelming confidence in returning domestic growth appeared to be mitigated by an increase in concerns regarding customer and order loss, coupled with credit availability and po... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Retail Banking, SME Bankingretail,SME Banking, Retail Banking,SME Banking, Keywords:Western Union, International Trade Monitor, Kerry Agiasotis, UK, British Business Bank Western Union, International Trade Monitor, Kerry Agiasotis, UK, British Business Bank
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