More than a fifth of British companies intend to increase spending on technology such as artificial intelligence (AI) and automation next year, according to a new survey by the Lloyds Banking Group.
The Lloyds Business Barometer, which surveys 1,200 businesses every month, found that 23 per cent of UK businesses were keen to step up their tech next year, while 21 per cent will be looking to expand their workforces in 2025. The survey findings show an increase in optimism among UK businesses, despite recent disappointing data on the economy.
As 70 per cent of companies expect to increase turnover next year (up from 62 per cent hoping for a boost a year ago), 73 per cent forecast greater profitability. “It is exciting to see that businesses have ambitious plans for next year and are confident of growth," said Hann-Ju Ho, senior economist at Lloyds.
"Overall, businesses have responded well to the changing external environment. While the economic outlook has been challenging, the steps firms are taking to grow should put them in a strong position for success in 2025.”
UK economic growth flatlined in the third quarter of 2024, according to the most recent data from the Office for National Statistics (ONS). The economy unexpectedly shrank in October and inflation also ticked higher in October and November. The Bank of England reduced its growth forecast for the last quarter of 2024 to zero, down from its previous estimate of a 0.3 per cent rise.
Financial services
Meanwhile, in a separate survey, seven in 10 bosses in the UK's financial services sector said they were confident the government’s plans to cut red tape will drive growth and profits next year.
KPMG’s UK Financial Services Sentiment Survey, which tracks sentiment among more than 160 leaders working across the sector, showed 68 per cent think Ms Reeves’s plans to "regulate for growth" and launch the Financial Services Competitiveness Strategy in the spring will go some way to attracting foreign investment into the UK's economically vital financial services sector. Concerns remain over some of the measures announced by Ms Reeves in her budget at the end of October, including the increase in payroll taxes.
“Financial services is the backbone of the UK economy, so it’s encouraging to see leaders go into the new year with optimism about the government’s growth plans for the sector," said Karim Haji, global and UK head of financial services at KPMG. “In the first half of 2025, the sector will want to see more details on the government’s competitiveness strategy to really understand how the Chancellor is proposing to work with them on strengthening the UK’s attractiveness as a global financial centre.”
Of the bosses polled, 94 per cent predicted better profitability in the first quarter of 2025, up from 83 per cent of those surveyed in December 2023. However, a significant proportion cited inflation and interest rates, 52 per cent and 41 per cent respectively, as their chief concerns going into 2025.
During her Mansion House speech to the leading figures in the City of London last month, Ms Reeves outlined her plans to reinvigorate and revamp the regulations that govern the UK's financial services sector, which she called the "jewel in the crown" of the British economy. She said the nature of regulation in the wake of the 2008 financial crisis was to stamp out risk-taking, which has now gone "too far" and "has had unintended consequences which we must now address".
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if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
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Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
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Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
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Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
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Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
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Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
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Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
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How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
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