Business confidence is high in south London

Businesses in south London are confident of their future growth, according to a new survey.

South London Business, an organisation promoting companies in the south of the capital, distributed 13,000 questionnaires to London businesses.

Of those asked, 70% of companies are satisfied with south London as a business location. Also, nearly three quarters of those asked said they were expecting an increase in turnover over the next year.

A third of companies asked said they expected to increase their workforce over the next six months, and 43% of manufacturing companies questioned confirmed new product launches in the pipeline.

“The results of the survey are extremely encouraging,” said Angus Hamilton of HSBC, sponsors of the survey. “Local businesses clearly have confidence in their future prosperity.”

South London Business intends to repeat the survey every six months in order to create a better understanding of the south London economy, and how to cultivate ideas that will shape future business in the capital.

“Businesses have confirmed that South London is an excellent location; a vibrant and fertile business environment with strong innovative companies,” said David Main, chief executive officer of South London Business.

The results of the survey have been passed on to the Bank of England’s agency for greater London, explained Ross Feeney, South London Businesses’ policy and communications manager.

“The results have helped contribute to the bank’s analysis of developments in the London economy,” said Feeney.

© Crimson Business Ltd. 2006