Prospects for UK entrepreneurs still strong

Britain is still a healthy environment for entrepreneurs to start and grow businesses, according to research commissioned by Clydesdale and Yorkshire Banks.

Out of 1,010 British businesses surveyed, nearly three-quarters (71%) believe Britain is a good place to start a new business. Approximately two-thirds also believe the UK economy offers good prospects for both business investment (65%) and long-term growth (64%).

Nearly three-quarters (74%) of respondents believe that Britain is a business-friendly country. Half (49%) of respondents believe it will continue to be as easy or will become easier to start or grow a business over the next two to three years. Nevertheless, a similarly large proportion (48%) believes it may actually get harder.

Colin Fyfe, Divisional Director for Clydesdale and Yorkshire Banks’ iFS Business and Private Banking Division, said the perception of a healthy environment was a key aspect of starting or growing a business.

Colin said: "As well as actively experiencing healthy economic conditions, British business leaders and entrepreneurs need to feel confident and believe the economy to be moving in the right direction. Starting a business or investing to take your business to the next level is an important personal and corporate milestone which requires a number of factors to be successful."

As regards developing new markets, products and ideas, the information technology and telecommunications industries were perceived to be the most entrepreneurial in Britain, with nearly one in three (29%) believing this to be the case. Financial and professional services (15%) and manufacturing and engineering (12%) were the only other sectors to achieve significant recognition for entrepreneurial spirit.

London and the south east were perceived to be the most entrepreneurial areas in the UK with 28% and 23% of respondents identifying the regions as high in entrepreneurial activity.

Colin Fyfe continued:

"Many businesses are currently looking to their future growth prospects with a growing degree of confidence. Although there will continue to be economic challenges ahead, there will also be opportunities for strong businesses which will enable them to grow."

To help strong businesses realise their potential Clydesdale and Yorkshire Bank’s Investing for Growth initiative is designed to help successful businesses grow and develop by easing their cashflow pressures. It offers both new and existing business customers a dedicated planning service and a more flexible approach to lending.