Two years into the pandemic and one year into the post-Brexit era, U.K. business leaders are optimistic about their own revenues, profits and performance in 2022. That confidence wanes a bit when looking to the broader national or European economies.
Our 2022 Business Leaders Outlook: United Kingdom survey of British companies with revenues between £20 million and £2 billion found that more than three in five businesses are impacted “immensely” or “largely” by Brexit, with lingering supply chain disruptions as the most common symptom.
The uncertainty brought by the omicron variant didn’t dim executives’ sunny outlook. The survey found 77% of midsize companies expect profits to meet or surpass pre-pandemic levels, and roughly 80% say they’re bullish about their own companies and industries.
"The past two years have helped midsize business leaders learn how to adapt and prepare for any crisis, and as a result, they’re entering the new year with renewed confidence and high growth expectations."
Viswas Raghavan
Chief Executive Officer EMEA, J.P. Morgan
Two-thirds (66%) of business executives said they’re optimistic about the global economy. Fewer felt as positive about the European (61%) or national economies (57%). Only 1% of business leaders expressed fear their companies may not survive.
As economy rebounds, leaders look to transfer businesses
More than two-thirds of business leaders surveyed are planning a full or partial transfer of their businesses, often to family or through a sale to a third party. Half of those leaders plan the transition to occur in the next two years.
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