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London SMEs pin growth hopes on exports and tech for 2017

Business owners across the capital have identified international exports and improvements in technology as the key drivers of growth this year.

According to Barclays’ annual SME Hopes and Fears Index, almost one in three (30%) of SME leaders surveyed said they expected international exports and other opportunities abroad as the key factor that will drive business growth in London.

Increased export opportunities have been heralded as one of the main benefits as the valued of the pound has collapsed following the EU referendum, with British goods and services now a far more enticing proposition for those overseas.

The survey, which canvassed 500 senior decision makers and business owners in December, also found that the ready access to better technology was deemed the second most important influence on growth (29%) followed by consumer demand (23%).

Alternatively, over half (51%) of respondents believe the state of the UK economy poses biggest threat to business growth, followed by gas and oil costs (48%), inflation (43%) and fluctuating exchange rates (39%).

Chief Executive Officer of Barclays Business Banking, Ian Rand, said it was ‘noticeable’ that London SMEs viewed opportunities in exports and technology improvements as key drivers of growth, despite continued uncertainty surrounding Brexit and the UK economy.

He added: “This is the time of year when many businesses are planning ahead, and our Hopes and Fears research shows that SMEs are aware of several challenges that may face them in 2017, but they also see many strong opportunities for growth.”

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