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London businesses optimistic despite eurozone crisis

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The eurozone crisis continues to cast a dark cloud over much of the continent, but despite the uncertainty, London businesses are seemingly thriving.

In the latest Confederation of British Industry (CBI) and KPMG study, companies said they are more optimistic as to the prospects for the economy – and their own growth – than six months ago.

Showing the resilience of London business – and highlighting the benefits of London office space – 47 per cent said they were confident about their trading prospects in the next two quarters, up from 31 per cent in December.

And where the economy is concerned, 41 per cent say they are now optimistic of a recovery, compared to just 13 per cent at the end of 2011.

Sara Parker, CBI London region director, said that in a milestone year for London – which is hosting the Queen’s Jubilee celebrations and the Olympic Games – it is great to see confidence levels of the rise.

She noted that increased eurozone anxiety means employers are reluctant to invest, take on new people or expand their businesses.

But companies based in the capital remain confident as to their future prospects and are looking to target further growth in 2012.

This could help the economy recover from recession, having witnessed two consecutive quarters of gross domestic product (GDP) contraction.

A 0.3 per cent drop in GDP was witnessed during the final quarter of 2011, and this was followed by a further 0.3 per cent fall between January and March this year.

A thriving London economy creates a sound platform for economic recovery in the UK – given the large number of businesses located in the city and the relative spending power of the local population.