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Mid-market rebounds with confidence as economy opens

  • Date 2 Aug 2021

With further easing of COVID-19 restrictions, the latest data from the Grant Thornton International Business Report (IBR)* shows mid-market businesses are bouncing back with renewed energy. Economic optimism has reached its highest level (68%) since the end of 2015 with the data showing a huge rebound (+29 percentage point increase) compared with six months ago.

This represents the highest level of economic optimism recorded in the post-Brexit referendum era, with the indicator easily surpassing its pre-Covid level and now in line with the global average. UK mid-market optimism is fuelled by improved revenue and profit expectations, up 19pp and 29pp respectively.

Despite feeling more positive than they have for some time, over two thirds (65%) of UK mid-market leaders still cite economic uncertainty as a key constraint. Though it’s slightly less of a problem than it was six months or a year ago this is above the global average of 61% and well above the long-term average for the UK of 35%. Other growing concerns include regulation and red tape, concern over which is now also at the highest level ever recorded by the IBR.

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