Confidence in the UK Government's Industrial Strategy is high among businesses, according to recent research by Barclays. Of those surveyed, 61% expect a positive impact on their business, and nearly half are planning to increase investment as a result of the strategy. The research included responses from 1,000 business leaders across various sizes of enterprises.
Large businesses showed the highest intention to invest at 68%, followed by medium businesses at 57%. Only a small percentage (8%) indicated plans to decrease investment. The strategy's focus on encouraging private sector investment, increasing sector-specific support, and improving the skills landscape were cited as top expected benefits.
The survey also revealed that businesses are optimistic about economic growth, with 45% feeling more confident about the UK's economic outlook. Additionally, 36% plan to increase export levels in response to the Government’s Trade Strategy announced shortly after.
Matt Hammerstein, CEO of UK Corporate Bank at Barclays, stated: “For businesses to have the confidence to invest, they need a clear framework. The Government’s Industrial Strategy is an important part of that because it provides the long-term certainty needed to spark tangible investment plans."
Business and Trade Secretary Jonathan Reynolds added: “Economic growth is this government’s central mission, so I’m delighted that Barclays’ findings show our Modern Industrial Strategy is providing the stability and confidence businesses need to invest."
Barclays has introduced its Business Prosperity Fund to support new and existing customers with lending and refinancing options aimed at promoting business growth across the UK.