Xero: British economy growing at fastest rate in 80 years

Following the news from economic forecaster, EY Item Club, revealing that the British economy is growing at the fastest rate in 80 years, please see below for comment from the global small business platform, Xero.

Glen Foster, Director, Small Business and Partners at Xero, says:

“The predicted economic growth figures released today look promising for the small business sector, which accounts for three fifths of employment and half of UK private sector turnover. Our own research has told us that 60% of consumers plan to spend more with small businesses now restrictions are lifted, and one in five SME owners are expecting their business revenue to grow by 10% in the first 6 months after lockdown.

“Almost half of SME owners told us that new ways of working and pivots during the pandemic mean they feel better set up for the future, and 27% identified increasing online sales as a new revenue stream. Technology will be key to helping small businesses to maximise on post-pandemic consumer spending.

“Powerful digital tools are no longer restricted to big business. Small businesses now have access to technology that helps them operate online, boost productivity, reach new customers, reduce manual tasks and so much more. We’ve already seen the transformational role that digitisation can play, and it will be key to economic growth and business resilience as we enter the next phase of recovery.”

Please do get in touch with any questions at all, or if we can put you in touch with a small business expert from Xero?

Xero

Xero is a cloud-based accounting software platform for small businesses with over 2.7 million subscribers globally.

Glen Foster

Director, Small Business and Partners

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