Businesses seeking support for the future

A new survey looking into business leaders’ views on the next 20 years revealed that the majority expect them to be more challenging compared to the last two decades.

The Lloyds Bank Business Barometer survey of 600 UK firms found that many business leaders are seeking tax, trade and skills support in order to meet the challenges of the next 20 years.

The report also found that nearly half of businesses said taking on new staff is their key ambition in the medium-term – companies also highlighted developing new products and services (36%) and increasing online sales (30%) as major ambitions and priorities.

Paul Gordon, Managing Director for SME and Mid Corporates, Lloyds Bank Commercial Banking, commented, “The Business Barometer has provided unique insights into the views of British businesses for 20 years. In that time, we have seen a seismic shift in the economic context in the UK, as well as the extraordinary ability of business leaders to adapt and evolve to meet changing market needs.”

Gordon added, “Perhaps it is not unsurprising that, having faced a quite unprecedented period of late and enormous change over the last twenty years, the majority of business leaders feel the next twenty years will be more challenging.

“To help them through this, businesses are looking for support on skills, finance, trade and taxation to navigate in this environment. One thing that is clear is that our businesses and business leaders are incredibly resourceful and resilient and are adept at facing into constant change. They tell us they are gearing up for growth and expect to increase headcount, enhancing their service offering or utilising new technologies. We’ll be by their side over the months and years ahead as they deliver on their ambitions.”

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