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".
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
Race%20card
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THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Cheeseburger%20ingredients
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More from Rashmee Roshan Lall
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
A list of the animal rescue organisations in the UAE
