UK business trends indicate positive outlook

Business activity levels are on the up, according to new customer trends data released by HSBC Commercial Banking. 

An analysis of its database of more than one million customers reveals positive trends amongst the UK business community, with an average of 2,300 businesses starting up supported by the bank every week.

Customer data also shows the value of invoices that pass through its invoice finance business is up 14 per cent compared to last year. 

The majority of customers using this service are from the manufacturing, transportation or print sectors, whose activity is generally at the start of the supply chain.

According to HSBC Commercial Banking, this trend is a strong lead indicator of overall business growth.

In addition, UK businesses are spending more on business travel, with corporate card spend up 23 per cent in Europe and 19 per cent globally.

Furthermore, businesses are increasingly making the most of international opportunities, with data showing that total international trade finance lending is up 10 per cent and the export component up over 40 per cent.

“These trends are very encouraging and I remain optimistic about the prospects for UK businesses, both domestically and internationally,” says Noel Quinn, head of commercial banking at HSBC. 

“Our data is complemented by the findings from our recent Small Business and Trade Confidence surveys, which revealed that half of UK businesses believe their prospects are better now than last year and that more than half of UK businesses expect international trade volumes to increase over the next six months.”