An ounce of optimism from London's businesses← Back
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The London Chamber of Commerce and Industry yesterday published its Quarterly Economic Survey. The Capital 500’s survey, conducted by the ComRes, was taken by 518 of London’s business leaders and works as a barometer of the general mood amongst the capital’s companies, particularly when it comes to recruitment.
The survey reveals London’s companies’ plans when it comes to hiring or training staff. In the final quarter of 2014, 16% of companies attempted to recruit staff; of these, 52% had difficulties in doing so. They blame this on a lack of suitably skilled candidates. The LCCI warned that this could become a permanent problem if action isn’t taken to diminish the skills gap.
A total of 83% of businesses expect their workforce to remain the same size in 2015. Only 4% expect it to get smaller, as opposed to 13% who plan on growing their workforce suggesting that more jobs are to become available. Meanwhile when it comes to businesses investing in staff training, although this figure is on the rise, more needs to be done: expenditure on training increased by 3%, with 11% of companies spending more than they previously had.
Despite problems in recruiting, 37% of London's businesses expect their prospects to get better throughout 2015. "It is worth noting that London businesses expect the capital to continue to drive UK economic growth, with 47% expecting London's economy to grow as opposed to 42% expecting UK economic growth to improve," commented Colin Stanbridge, Chief Executive of London Chamber of Commerce. The general outlook for 2015 is therefore positive amongst London’s businesses.