UK banking industry confidence builds as election year approaches

Companies in the UK banking and finance industry are heading into election year with increased confidence, according to the annual business confidence report from Regus, the global workplace provider. The ninth edition of the Regus Business Confidence Index (BCI) – which is heavily based on actual performance over the last 12 months – reveals a 10 point rise in confidence within the sector from 131 points to 141 when compared with last year. The sector displays greater confidence than the UK as a whole. The UK average, which is based on the views of 3000 business owners and senior managers from various sectors, rose seven points from 117 to 124.

The results paint a picture of positivity and growth as the UK gears up for the 2015 general election. The report reveals that 75% of UK companies in the banking and finance sector saw a rise in revenues in the past year, and 69% saw profits grow.

New ways of working are helping businesses to grow. Over a quarter of UK businesses (33%) increased their flexible working options for staff over the past twelve months.

Richard Morris, UK managing director at Regus, said: “Companies in the finance sector do not seem concerned with 2015 election uncertainty – far from it.

“Clearly, flexible ways of working – particularly in relation to the physical workspace – are playing a significant role in this UK success story. Companies are managing growth carefully, with many recognising that full-time, permanent office space with its associated long-term leasing is no longer the only option. Remaining agile helps business secure and retain top talent, and keeping overheads low is vital to sustainable business growth.”