More automotive businesses have reported turnover growth than any other sector, according to a new Business Census of business leaders’ expectations for the year ahead.
The survey, conducted by global credit company Creditsafe and completed by 755 business leaders, revealed that 92% of surveyed automotive businesses grew in terms of turnover in 2018.
Speaking of the results, Creditsafe’s UK CEO Chris Robertson said, “It’s been a memorable year for businesses in Britain, with Brexit dominating the media headlines and uncertainty around our role in the EU still rife.
“The Business Census is intended to provide a snapshot of the state of UK business based on experience, as opposed to just statistics. The impact of economic uncertainty on the optimism of business leaders for 2019 will undoubtedly gain the attention of business bodies and the government, who should take note of these less tangible, yet still important, impacts of their actions.”
The survey also asked businesses If they had recruited graduates. The automotive sector reported the lowest levels of graduate recruitment, with just 8% of auto companies having recruited a graduate in the previous year.
The Census also found that businesses across the UK expect their biggest challenges to be the economy and recruitment. Despite their fears, 90% of UK businesses expect to grow in 2019.
UK economic growth has been under pressure since a strong performance this summer, with the Bank of England expecting a 0.2% increase in GDP for the final three months of 2018 and forecasting a similar rate for the first quarter of 2019.