The country's small and medium-sized businesses are more optimistic than their overseas counterparts, a new survey suggests.
Research from North East-based accountancy giant Sage found that, despite inflationary pressures impacting trading, UK firms are significantly more optimistic about their prospects than this time last year. Around 12,000 business leaders in countries such as Germany, Poland and South Africa were asked for their sentiments and 40% of UK leaders predicted they will feel 'very confident' about the success of their companies at the end of 2023, compared to 34% globally.
Just more than a fifth of respondents expect falling costs this year, while 46% anticipate higher revenues and almost half expected to increase their staff levels. Around 40% of firms reported cost increases of at least 10% or more while three quarters said they were satisfied with current productivity levels.
