UK small businesses growing in ambition

A new report produced by Lloyds Bank National Business Awards has found that the UK’s small businesses are feeling more ambitious than they did this time last year.

According to the Ambition Index Report, which records how business owners are feeling about ambition, talent, leaving the European Union and the challenges they are facing, 45% of respondents are feeling positive and ambitious in the backdrop of Article 50.

The report demonstrated that business owners are hopeful the UK will make a success of leaving the European Union (EU) with one-third hoping it will have a positive impact and a further 30% witnessing it as a new opportunity.

Almost a quarter (23%) of respondents believe the move will involve fewer restraints and red tape for businesses, while a further 23% said the move will provide new opportunities for foreign trade investment.

Those feeling less ambitious than this time last year cited unclear business strategy (38%) as one of the main reasons for their uncertainty rather than Article 50.

Tom Broughton, Group Brand Director, National Business Awards, said: “The Ambition Index Report has given us some very positive results about the nature of both British ambition and the state of UK businesses.

“We can see how ambition filters through those at the helm of businesses, across all regions and companies of various sizes – all who are very much at the heart of our awards programme.”

Date published 21 Apr 2017 | Last updated 21 Apr 2017