LONDON – 27 February 2023 –Boston Consulting Group’s (BCG) Centre for Growth published its inaugural business survey ‘State of UK Business 2023: Squeezed but still standing’ today. The report is a broad and comprehensive survey of over 1,500 UK business leaders from firms of all sizes covering the breadth of the economy.
The past few years have been some of the most difficult for businesses in the UK and with 75% of business leaders expecting a recession this year, 2023 looks set to be another challenging one. Despite this, the findings from State of UK Business 2023 show reasons for optimism and challenge the prevailing economic narrative in several places:
Raoul Ruparel, Director of BCG’s Centre for Growth, commented: “It is easy to get downbeat about the UK’s prospects both in the short and medium term but those running our businesses tend to be more optimistic. Business leaders are anticipating a short-lived downturn with the labour market likely to remain stronger than expected. It’s also encouraging to see that an economic downturn will have little to no impact on business leaders’ prioritisation of environmental sustainability and net zero. UK businesses are undoubtedly feeling squeezed, but they’re still standing and, in many cases, looking optimistically to the future.”
BCG’s Centre for Growth focuses on accelerating sustainable and inclusive economic growth in the UK by working with businesses, government and wider society to deliver breakthrough outcomes.
As part of BCG, the Centre for Growth brings together ideas, people, and action to drive the UK forward. We work with our global expert network to identify transformational opportunities, connect key decision-makers and build coalitions for change. We offer long-term strategic insight, extensive cross-sector expertise, platforms for dialogue, and bias to action.
We believe that the UK has genuine sources of competitive advantage. Collaboration can achieve breakthrough change. Opportunities for disruption can energise the UK economy.
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