THIS year should mark a turning point for ambitious Worcestershire businesses, as they look to capitalise on the UK economic recovery to invest in growth, according to HSBC’s new Business of Growth report, which highlights the constant upwards revision of GDP growth over the last 12 months, the UK economy’s outperformance of the Eurozone and a rise of business confidence as providing the perfect conditions for growth. It has identified Britain’s business growth potential for 2014 by incorporating analysis of 39 separate forecasts of GDP and investment, as well as the findings of four leading business barometers.

The Business of Growth predicts an increase in fixed investment – physical assets including machinery, premises and stock – of 7.1 per cent in 20141. This compares to a pre-recession average annual investment growth of 3 per cent. This analysis is supported both by HSBC’s own experience, where new term lending is up 16 per cent year on year and the overall value of lending that is being approved is even higher, at 37 per cent over the same period2.

Roy Harris, regional commercial director, HSBC Midlands, said: “We have most definitely seen an improvement in business confidence in the West Midlands in recent months.

“Our lending to businesses is growing, lending values have increased and growth planning discussions are on the up. Importantly, the quality of lending proposals we’re receiving demonstrates that businesses are forward thinking and looking to position themselves to seize opportunities and achieve meaningful business growth. The overall picture is very positive, and now is the time for businesses to access advice and support to help them plan and invest for growth, both domestically and internationally.”