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UK: Survey predicts 'high-tech' growth

By Tony Lewis | 3 January 2012

A survey by General Electric suggests that 'high-tech' businesses in the UK are expecting to grow in 2012.

The survey of over 350 businesses found that 71% of high-tech manufacturers are forecasting growth with 25% saying their business will grow by more than 10% spurred by demand from emerging markets, a helpful sterling exchange rate and improvements companies have made to their products and services.

This upbeat outlook comes despite only 15% of manufacturers being positive about the UK economy, according to the Daily Telegraph, with 26% saying that bank finance remains either "impossible to obtain, or obtainable only on unacceptable terms".

The Telegraph quotes Mark Elborne, chief executive of GE UK, saying that "these figures demonstrate UK high-tech manufacturing is still a growth story and can play a pivotal role in turning round the UK's economy. It is encouraging to see that a good proportion of these firms are expecting significant growth in the next 12 months. However, we need to ensure conditions are right to help them grow and take advantages of the opportunities on offer."