While we have seen a slight dip in the latest revised GDP figures, there are plenty of positive signs of growth for the year ahead.
At this crucial time in our economic recovery, we believe specialist banks have a vital role to play in helping to fund this growth and enabling UK SMEs – the engine room of the economy – to invest in the future.
According to the latest data from the Office of National Statistics, productivity levels are on the rise, with the UK experiencing the strongest two quarters of growth since 2008. This will be welcome news to policymakers that have struggled to fix the productivity problem that has blighted the UK since the financial crisis. In addition, the Bank of England is signalling that the economy is recovering to some degree, which is positive news and shows the resilience of the SME sector, which makes up the vast majority of British businesses.
Confidence levels also appear to be on the rise. Indeed, our SME Growth Watch report found half of all small businesses (51%) feel confident about their long-term economic prospects. In addition, GfK's Consumer Confidence Index increased by four points in January, showing a rebounding sense of optimism.
What's important now is how we help businesses harness this opportunity to succeed in the year ahead and that we continue to fund growth, so we can continue to see positive economic progress throughout 2018 and beyond.
At Hampshire Trust Bank, we are proud to support smaller businesses in the sectors in which we operate and are committed to helping fund this sector now and in the future. In 2017, we funded the construction of more than 700 homes, working with SME housebuilders across the country. In total, last year we funded and provided savings accounts for more than 4,500 firms as well as 4,500 individuals, financing everything from vans and agricultural equipment, through to mortgages and property development.
We are looking forward to the year ahead and helping SMEs make the most of the opportunities that present themselves. We recognise that there are challenges ahead and that difficulties surrounding Brexit negotiations are not creating the certainty that businesses need to plan for the future. However, we are positive that SMEs will dig deep and carry on, as they always do. Hampshire Trust Bank will be there to help fund their growth wherever we can.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...