Entrepreneurs are confident about their future prospects

The latest Business Regional Impact Index from Barclays shows that nearly 50% of the UK's entrepreneurs expect their small enterprises to grow next year.

The survey also showed that the north-east of England demonstrates the most entrepreneurial spirit. The MD of business and personal banking solutions at Barclays, Steve Cooper, said it was encouraging to see so much optimism in the small business sector. SMEs are preparing for the recovery by introducing new products and services.

Innovation is driving growth and small businesses could benefit from new markets both in the UK and abroad, he added.

Barclays' research also found that 82% of the firms surveyed expect to see their profits increase or remain the same over the coming 12 months.

Vince Cable, the Business Secretary, praised the innovative spirit of UK entrepreneurs recently. During his speech at Innovate 2011, Cable said the UK was a world leader in innovation in several industries. He went on to say that both large organisations and small businesses benefit from highly-skilled individuals.

British based oil and gas firms are leading the way in offshore engineering and GSK is a leading innovator in the pharmaceuticals sector, he continued, before singling out Brompton Bikes, a world beating bicycle maker from Brentford, as an example of how creative innovation has helped a small firm stay ahead of its competitors.

© 2011 All rights reserved. Reproduction in whole or in part without permission is prohibited.
Image: -24 by Emery Co Photo