LONDON’S BUSINESS COMMUNITY REMAINS SUPRISINGLY UPBEAT ON THE ECONOMIC OUTLOOK – DESPITE ‘BREXIT’

  • Less than 1 in 10 (9%) of businesses were pessimistic about London’s economy1
  • Only 16% of businesses think the business outlook will worsen over the next 12 months
  • Santander Breakthrough Red Box is at Old Spitalfields Market from Monday 26 September to Friday 30 September.
  • Participating firms and organisations include Aspinal of London, Autotrader, British School of Fashion, Vital Ingredient and Dionach.

London’s business community remains surprisingly upbeat about the city’s economy and outlook for the next 12 months, according to a survey1 of professionals by Santander.

The poll found that just 9% of local business people are pessimistic about London’s economy; in contrast, almost half feel that despite Brexit, London’s economy is unchanged and 45% are optimistic, including 13% who are ‘very’ optimistic. Just 16% believe the outlook for business will worsen over the next 12 months and the majority are hopeful about prospects for local employment.

The research of local business sentiment was conducted to support Santander’s Breakthrough Red Box week-long business event to showcase support for business in London. It takes place in London’s Old Spitalfields Market, from Monday 26 September to Friday 30 September 2016.

The event will showcase the best of London’s SME sector and also Santander’s extensive support for businesses across the capital. The five-day event consists of free-to-attend masterclasses and focussed events aimed at ambitious business owners and local entrepreneurs.

Participating firms and organisations include Ferrari, Google, Microsoft and DIT as well asAspinal of London, Autotrader, British School of Fashion, Vital Ingredient and Dionach

Helping local firms to export and trade internationally will be a big focus for the week. Over half (52%) of London businesses believe exporting and international trade are important for future success. A third (34%) are not sure about exporting and will be coming to the Red Box to hear more about the opportunities that exists and how Santander can support them.

This week is the final stop on the Santander Breakthrough Festival regional tour which has visited key towns and cities including Birmingham, Glasgow, Liverpool and Plymouth. Breakthrough offers a suite of non-financial support including: Breakthrough Masterclasses, Breakthrough Knowledge events and Breakthrough International, helping to support companies to trade internationally, and offering access to a database of over 2,000 Breakthrough Interns to help businesses to attract new talent.

Mark Northen, Regional Director, Santander, said: “In the wake of the Brexit vote, it is great to see that London-based SMEs and business professionals remain confident about the future, are positive on local employment prospects and see exporting and international trade as key to the success of local businesses.’’

Paul Theaker, Regional Director, Santander added, “Santander has a strong and growing presence in London, and we believe that with our support for businesses via Breakthrough, which includes access to our Trade Portal and growth capital lending programme, we are offering a highly differentiated service.”

The Breakthrough Red Box is a versatile space for the business community to meet and share ideas and expertise with a range of stakeholders, and a number of local and UK businesses will be on hand to share their own success stories and insights.

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