Thames Valley: Business confidence improved in the spring, BDO survey shows

Economic confidence was on the increase in the spring in the Thames Valley, according to the latest Thames Valley Business Barometer report published by accountancy and business advisory firm BDO LLP, and PR and marketing agency C8 Consulting. 

The survey, conducted between late March and early May, revealed that, despite the uncertainty surrounding the impact of Brexit, 77% of business leaders felt that general levels of economic confidence had either improved or remained the same in the past six months. This compared with 53% in autumn 2017, showing a clear rise in confidence supported by robust turnover, profits and order books.

A majority (89%) of companies surveyed stated that profitability had remained the same or increased in the past six months, compared with 81% in autumn 2017. This trend was also observed in turnover, with 90% reporting that it had remained the same or increased, versus 83% last autumn.

Simon Brooker, partner and head of BDO LLP in the Thames Valley, said: “The results of the latest Barometer survey show a noticeable upturn in confidence and performance amongst Thames Valley businesses, and levels are close to those we saw in the lead up to the EU Referendum two years ago.

“We have tracked business sentiment through the Barometer survey for the last six years and, despite uncertainty around matters such as the impact of Brexit and the introduction of new US trading tariffs, the Thames Valley has continued to be a flourishing region for business in the UK.”

Thames Valley employment also improved: 88% of respondents said their headcount had increased or stayed the same, versus 82% in February.

The Barometer also looked at environmental practices in the workplace, in particular organisations’ policies, as well as practices to reduce their environmental footprint and drive better environmental behaviour.

While a quarter of businesses didn’t have an environmental policy and have no plans to introduce one, almost a half (48%) said they did and about a quarter (26%) were planning to introduce one.