UK Economics

Tycoons hail Brexit saying they are ‘more confident’ in UK than anywhere else in the WORLD

BUSINESS chiefs at small and medium-sized companies are hailing Brexit after revealing they are more confident about the UK compared to the global economy.

In the face of a rallying pound sterling, business leaders at smaller enterprises are behaving more ambitiously than larger companies, a new report shows.A total of 91 per cent of small to mid-sized UK companies surveyed expect the British economy to accelerate in 2018 according to research agency Explain the Market and finance advisers Finncap.

Speaking on TRT World, Guy Shone, CEO of Explain the Market, said despite facing challenges, many of the 1,000 companies surveyed were “more focused on growth” since the Brexit vote.

It comes as the pound sterling climbed against the US dollar again this morning.

GregClark_businessGETTY•TRT WORLD

Guy Shone said medium-sized businesses were “more confident” in the UK over global economy

We found that actually much more of them were confident in the UK economy as opposed to the global economy as a whole

Guy Shone

Mr Shone said: “Among the group of people that we spoke to, small and medium sized enterprises, we found that actually much more of them were confident in the UK economy as opposed to the global economy as a whole.“We also found that these are not people who are without challenges.

“It was just that there was a strong sense of being almost more focused on growth and working with partners to try and actually figure out how they were going to grow next year.

“So this is a tremendously ambitious group of people and we found that almost the ambition seemed to be greater amongst the small and medium sized enterprises than possibly was coming through amongst much larger corporations.”

Sterling is currently at $1.354 against the US dollar – up 0.2 per cent from today’s opening levels of around $1.351.

Dr Carney sent sterling over half a cent lower against the US dollar late yesterday as he suggested that the pace of interest rate rises is likely to be gradual, while repeating his warning about the “considerable risks” facing the UK economy.

It wasn’t all doom and gloom from Dr Carney, with the pound recovering overnight on Monday as the Governor also dropped the strongest hints yet that the BoE will seek to raise interest rates when it next meets in November.

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