Barclays Business Prosperity research indicates that UK businesses are adapting to new US tariffs, predicting a net positive impact on exports, supply chains, and profits. The survey conducted between May 12-22 involved 1,000 UK businesses of varying sizes.
Despite concerns about global trade uncertainty, with 79% expressing worry over tariffs, many firms anticipate benefits such as improved profit margins and customer demand. Notably, actions were taken before the April 2 tariff implementation, with increased trade primarily directed towards Europe and Central Asia.
UK businesses remain optimistic about their future prosperity despite these challenges. Nearly half have already adjusted their US operations or supply chains in response to the tariffs. The data shows that larger firms expect more positive outcomes compared to smaller ones.
Matt Hammerstein of Barclays UK Corporate Banking stated: “Given the widespread uncertainty in the international trade environment, it’s unsurprising that businesses are taking proactive steps to adapt to these global pressures."
Productivity has become a priority for UK businesses amid hiring difficulties impacting growth. A significant portion plans to invest in staff training and digital transformation. Despite economic uncertainties affecting debt finance uptake for investment, few businesses intend to halt investments entirely.
Hannah Bernard from Barclays Business Banking commented: “Productivity gains are seen as vital to help offset the increasing cost pressures on businesses."
Barclays is offering support through its Business Prosperity Fund for lending and refinancing projects among its clients. £22 billion is available for business growth support in 2025.
The research was part of Barclays' Business Prosperity campaign launched in November 2024 in partnership with the Centre for Economics and Business Research (Cebr).