Firms predict increased growth but more red tape

FIRMS EXPECT steady and sustained growth over the next decade but also an increase in red tape, according to a new survey.

Barclays Corporate’s ‘Business in 2021’ survey questioned 660 business leaders, including those of 40 accountancy firms.

Two-thirds of the practices questioned said they foresee businesses facing more red tape over the next decade. However, 72% predicted steady growth over the period. Over half expect the UK to be a better place to do business.

Nearly all (96%) cited technology as a key driver for growth. Of all 660 respondents, professional services were considered the second-biggest driver for growth.

“It is clear that accountancy firms believe in the fundamental strength of the UK as a place to do business, and this underlines the temporary nature of the challenges we are currently experiencing,” said Jane Galvin, managing director and head of professional services.

She continued: “To see so many firms anticipating steady and sustained economic growth over the next decade should also be welcome news for a government that is focused on developing a growth strategy.”

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