London firms show increased confidence

Date: 2nd July 2010

London-based businesses are showing an increased confidence in their future, new figures have shown.

A recently-published report by the Confederation of British Industry (CBI), has revealed that 53 per cent of the capital's firms are now optimistic about their future business prospects.

This represents an increase on the 47 per cent of respondents that said the same thing six months ago.

Nigel Bourne, director of CBI London, said: "There is a growing sense of optimism among London's businesses, with firms more upbeat about the coming six months.

However, the expert said there are a number of issues that mean the city remains unattractive to many global firms

"Even though most companies rate the capital as a good or very good place to do business, the cost of operating a business in London, the level of taxation and the transport system are all seen as denting its ability to compete on the world stage," he added.

The report also revealed that 58 per cent of London-based businesses plan to expand their operations in the next 12 months.

Posted by Jacob Williams