- Business sentiment remains robust, with 74% of businesses feeling confident they will grow in the next three years
- But almost a third (31%) are calling for the government to back British trade and support businesses with international regulatory requirements and bureaucracy
- A quarter (25%) are seeking greater help in finding customers, business partners and suppliers alongside recruiting the right staff in the UK (24%)
UK businesses are confident about future growth but are calling for greater support from the government to help them trade and sell their products and services around the world, new figures from Santander reveal today ahead of the full launch of the Autumn edition of Santander’s Trade Barometer1.
Almost three-quarters (74%) of businesses are confident that they will grow in the next three years. Below the surface, there is an increasing proportion of businesses who feel very confident about future growth (36% vs 22% a year ago) showing a growing sense of optimism among some SMEs in the last 6 months as inflation and its impacts begin to reduce.
But ahead of the Autumn Budget on 30 October the report identified some key asks of government to facilitate their international trade ambitions. Over a third (34%) of businesses call for help such as offering further tax breaks. Whilst 31% call for support with reducing overseas regulatory requirements post Brexit, including customs procedures, obtaining appropriate licenses for trading and strengthened mutual recognition of professional standards and qualifications across Europe.
A quarter (25%) are seeking greater help from Government in finding customers, business partners and suppliers as well as recruiting the right staff in the UK (24%).
John Baldwin, CEO, Corporate & Commercial Banking at Santander UK, commented: “UK businesses are confident about their prospects but are looking to the new government to help match their ambition and get more UK business conquering the globe. SMEs are the lifeblood of the economy and supporting their success at home and abroad will drive both growth in the economy and in jobs.
The private sector has an important role to play too and we’re proud to have introduced over 1,500 business to relevant international connections to support their growth since 2019. Through our sector and country experts, partnerships with trade, industry and international bodies, and our online platform Santander Navigator it’s not just about the people you know, often it’s those you don’t and that’s where we can help.”
For more information on our international support or Santander Navigator, visit www.santander.co.uk/corporate.
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Notes to Editors
- Santander Trade Barometer fieldwork carried out between 12th August - 1st September 2024 by YouGov. Total sample size of 1,001 UK businesses with minimum £1m annual turnover. Full Trade Barometer Report to be published on 11 November 2024.
- Case studies available to interview
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Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 30 June 2024, the bank had around 19,600 employees and serves around 14 million active customers, including 7 million digital customers via a nationwide 444 branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.
Banco Santander (SAN SM, STD US, BNC.LN) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Banco Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Banco Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2024, Banco Santander had €1.3 trillion in total funds, 166 million customers, 8,400 branches and 211,000 employees.
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