LONDON, November 1, 2017 /PRNewswire/ --
Biggest threat to this expansion is cybercrime and other fraud rather than inflation and leaving the EU
Most businesses, some 69% of respondents, are still looking to expand despite economic uncertainty and the belief by a significant minority, 41%, that the UK will be poorer post Brexit. These are the findings of a survey of 2,700 UK businesses by leading serviced office provider Office Space in Town.
Respondent Survey Highlights
- Business Expansion- Most businesses, 69% are still looking to expand despite economic uncertainty and the belief by a significant minority, 41%, that the UK will be poorer post Brexit.
- Political leaders- Some 44% believed that Theresa May would have the most positive impact followed by 20% for Donald Trump, 17% respectively for Jean Claude Juncker and Jeremy Corbyn.
- Business risk- Cybercrime and other fraud is the main concern - 40% believe this would be the most significant threat to growth. Brexit was the second highest concern with 48% saying they were most concerned by restriction on EU goods, services and the free movement of people.
- Interest rates: Companies plan to expand despite a significant minority, 41%, expecting interest rates to rise by over 0.25%.
- Costs: 44% of UK businesses intend to make the largest cuts to their office costs rather than making reductions to their workforce. Only 17% UK businesses intended to cut salaries, recruitment or bonuses.
- Office space: 62% of respondents said the facilities provided were the most important and 24% said that the flexibility of terms was most critical.
Giles Fuchs, CEO of Office Space in Town, said: "Businesses are still in expansion mode despite the twin threats of Brexit uncertainty and a rising interest rate environment. Companies are looking not to trim their workforce but are looking to make cuts in other areas such as reducing their fixed office costs in favour of more flexible arrangements such as those offered by serviced offices. In an uncertain economic climate this is ideal".
About Office Space in Town
Office Space in Town was founded in 2009 by Giles and Niki Fuchs and builds on the 40-year heritage of the Fuchs family in serviced offices. The company's largest presence is in London where it operates six serviced offices. https://www.officespaceintown.com/
Richard Morgan Evans
SOURCE Office Space in Town