Majority of top bosses confident of growth this year

Nearly 90 per cent of Britain's top bosses are expecting growth this year despite casting a gloomy outlook for the global economy, according to a study published today.

Bosses are upbeat about the UK's growth prospects despite a gloomy global outlook. Picture: Ian Georgeson

The PwC CEO survey found that 89 per cent of company chief executives are more confident about growth for the next 12 months, but close to a third are predicting the global economy to decline.

Economic uncertainty was chief among their concerns, with 84 per cent pinpointing it as the single biggest threat, while 76 per cent earmarked cyber attacks as a key issue for 2017.

Kevin Ellis, PwC chairman and senior partner, said it was encouraging to see growth on the agenda for UK plc after an eventful 2016.

He added: “We may face a period of uncertainty, but the economic fundamentals remain positive and businesses should keep calm and carry on doing what they do best – capitalising on the UK’s strengths and attractiveness to the rest of the world, and seeking out new opportunities.

“UK CEOs are resilient and realistic about the challenges ahead – maintaining a positive mindset and staying focused on what they can control is vital.”

It comes after Bank of England governor Mark Carney said last week that Brexit no longer represented the single biggest threat to the UK economy.

The survey gathered responses from 126 UK CEOs and 1,300 global leaders. It found that UK bosses were more optimistic about growth than their counterparts in Germany, where 83 per cent are predicting their firms will expand.

More than half of UK CEOs – 55 per cent – expect to drive through mergers and acquisitions in the year ahead, while 63 per cent aim to bolster their workforces over the period.

The UK was “rising in popularity with overseas companies”, according to the report, after business leaders from 16 countries said Britain was more important than last year when it came to short term growth.

Britain also emerged as the fourth most important country for growth, behind the US, China and Germany.

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