UK SMEs are looking forward to a promising 2024, as they expect to hit an average of 15% year-on-year revenue growth, bringing overall SME turnover from £2 trillion in 2023 to £2.3 trillion next year.
New research outlined in the Ambition Index from Three Business, the B2B arm of the mobile network, Three, has revealed SMEs are still looking ahead to a promising 2024.
Contrary to the International Monetary Fund’s gloomy outlook that Britain’s economy will be the slowest growing among G7 nations next year, UK SMEs are collectively planning to invest £252 billion in growth in 2024, a 27% increase compared with 2022. This means that UK SMEs are planning to invest a sum that is approximately equal to the value of the economy of Finland during 2024. Seven in ten feel optimistic about the prospects for their business in 2024 and the same amount say growth is the priority for next year.
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