Confidence remaining constrained
industry: UK business-leaders are focusing on cost- cutting, growing their customer base and improving customer service in the face of continuing economic uncertainty according to PwC's annual global CEO survey.
The analysis revealed that against the background of an uncertain and volatile global economy, UK business leaders' confidence remains constrained by concerns over short- term growth prospects.
Only 22 per cent said they were very confident about growth prospects in the next 12 months, compared with 36 per cent of CEOs globally.
The findings from the UK CEOs polled for the survey indicates that in the next 12 months, they intend to focus on cutting costs, prioritising investments that will grow their customer base and improving operational effectiveness.
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Richard Bunter, senior partner in PwC's Hull office, said: "As UK businesses ride out the current uncertain period, in which 'more of the same' is the expectation of many economists, the question is whether the actions being taken now will equip them to adapt, grow and seize future opportunities."
Pursuing business opportunities requires confidence in the future, and when UK CEOs were asked about their confidence over revenue growth for the next three years, their views were in line with their counterparts across Western Europe.
UK CEOs said they were looking at a number of growth areas and they voiced the strongest intentions of any country to enter new strategic alliances or joint ventures.
The UK also has the highest proportion of business leaders intending to complete a domestic M&A deal.