YEAR OF GROWTH: North West businesses ‘set to grow twice as fast’

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The North West’s bright lights are feeling confident about delivering a stellar year of growth in 2015, according to Barclays’ Fast Growth Tech survey.

The survey questioned owners and CEOs of UK tech firms and was commissioned by Barclays’ Technology, Media and Telecoms.

It revealed that on average, businesses surveyed predicted that they will grow by 6 per cent over the course of the year – more than twice as fast as the UK’s GDP forecast for 20152 (2.6 per cent).

The research showed that over half (53 per cent) are expecting their business to grow by up to 10 per cent.

Furthermore, 18 per cent are expecting between 10 per cent and 20 per cent, while 8 per cent predicted significant growth of over 20 per cent.

Respondents were even more positive about the outlook for 2016.

Richard Faulkner, Barclays Relationship Director for TMT, said: “These promising growth predictions reveal the optimism and drive of the North West’s tech sector.

“The fact that many firms are expecting further growth in 2016 shows that this trend isn’t transient and the North West can be a real launch pad for innovative tech businesses.

“Investors are seeing the UK as an international talent magnet and a platform to grow or launch their business for a number of compelling reasons, including the culture, light-touch regulation, supportive Government policies and access to finance.”