On the right track

According to recent research from the Department for Business, Innovation and Skills, the number of SMEs making a profit has returned to pre-financial crisis levels in the last 12 months.

The annual small business survey revealed that 78% of SMEs made a profit or surplus in the last 12 months, up 6% since 2012, making it the highest level of profitable firms since 2007/08.

• 40% reported an increase in turnover
• 51% expect to increase their turnover in next 12 months
• 22% have taken on more staff
• One third are planning a recruitment drive

Chancellor George Osborne also mentioned a number of SME-friendly initiatives in his budget statement in March.

UK economy in recovery, business confidence growing and banks lending again are all the ingredients that suggest now is a pretty good time to start a business!

It’s very apparent the local economic outlook is very positive and we are currently seeing a lot of activity in the housing, professionals, leisure and manufacturing sectors, providing real evidence of a return to growth in the local economy and for our customers as they look to expand. As a bank we are working hard to support our existing and new customers to understand what their business needs are and to see how we can support them on their journey.