New research has found that SMEs across the UK are feeling increasingly optimistic about their prospects for the rest of 2021, after the success of the vaccine rollout.

The Barclaycard Payments Barometer research found that SMEs expect to grow their revenues by an average of eight per cent.

London SMEs, meanwhile, expect to see revenues grow by an average of 11 per cent in 2021.

Amongst other findings, 42 per cent of SMEs believe that the current lockdown will be the last and 49 per cent expect restrictions to end in June.

Rob Cameron, CEO at Barclaycard Payments, said: “While the world may be returning to some form of normal this year, small businesses have realised the benefits of flexible working and digital skills, with many already looking at what improvements they can take forward into 2021.”

Kate Hardcastle MBE, an independent expert, said: “SMEs have had to show a great deal of resilience and entrepreneurism to survive what has been an unprecedented time, and indeed many have shown great ingenuity and creativity.

“Finding new ways to work, and maximising the opportunity with new technology has enabled some businesses to build greater engagement with customers. There is certainly cautiousness about the months and even years ahead, and there is no trivialising the tenacity that will be required, yet as more organisations find better working practice along the way for stakeholders, customers and local-entrepreneurism – this could also symbolise a significant turning point for many businesses.”

Link: Cautious optimism sees SMEs rally for recovery as Barometer reveals 8.1 per cent expected growth in 2021