Hi-tech bid for growth

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UK technology companies are planning to expand and recruit new staff over the next six months, despite concerns that the economy will be stagnant, according to a survey published by UK technology sector trade association Intellect.

Company bosses painted a surprisingly positive picture for their own businesses over the past six months, with 51 per cent saying their business prospects had improved or stayed the same 34 per cent, while 60 per cent said their company had increased its level of business investment in the same period.

Looking at their business prospects for the next six months 67 per cent said they plan to expand with 43 per cent saying they were very likely to recruit new staff. A further 40 per cent said they would possibly hire new staff.

However, on the wider economy 52 per cent said that over the past six months their confidence about the state of the economy had stayed the same and 40 per cent said it had decreased.

While only 22 per cent thought the general economy would improve in a year’s time.

Antony Walker, Intellect’s deputy director general, said: “It appears that companies have invested during this year and are now looking to maximise that investment.”