East Anglian businesses predict sharp recovery once vaccine rolls out
- All East Anglian mid-sized businesses say they will recover from COVID-19 within a year once a vaccine is made available; 80% predict a recovery in under six months
- Over half (57%) are making significant changes to business plans after recent vaccine news
- Nearly two-thirds (64%) feel optimistic about the UK’s economic recovery
East Anglian businesses predict a strong recovery once COVID-19 vaccines roll out, according to new data.
Four in five mid-tier businesses in the region are confident they will fully recover in less than six months once a vaccine for COVID-19 is made available. Meanwhile, every single business polled said it would recover in a year of a vaccine roll-out.
The latest BDO Rethinking the Economy survey also showed that 57% of businesses have already made significant changes to their business plans for 2021 as a result of the positive vaccine trials.
Two thirds (64%) said they were more optimistic about the UK’s economic recovery than they were three months ago.
Despite optimism surrounding vaccines, East Anglian businesses still face significant challenges, with 27% saying they had put additional staff on furlough following the extension of the Job Retention Scheme, with 10% continuing to invest in technology to enable home working.
The survey also showed that all those businesses polled said that they expected the Government’s tier system to lead to a greater economic regional divide.
Sarah Elms, Partner at BDO, said: “Across the region, businesses have shown resounding confidence in the effect a vaccine roll-out will have on the economy. The fact that every East Anglian business polled has said they expect their company to recover within 12 months of vaccine roll-out is an extremely encouraging sign that the region’s businesses are strong and robust despite the pandemic.
“Medium-sized businesses are huge employers in the UK, accounting for one in every three jobs, so they play a major part on the overall recovery of our economy. It’s vital that the Government communicates its plans effectively and efficiently, while making the right financial support available, to enable these businesses to thrive.”
Notes to editors
Accountancy and business advisory firm BDO LLP provides integrated advice and solutions to help businesses navigate a changing world.
Our clients are Britain’s economic engine – ambitious, entrepreneurially-spirited and high-growth businesses that fuel the economy.
We share our clients’ ambitions and their entrepreneurial mind-set. We have the right combination of global reach, integrity and expertise to help them succeed.
BDO LLP operates in 17 locations across the UK, employing nearly 5,000 people offering tax, audit and assurance, and a range of advisory services. BDO LLP is the UK member firm of the BDO international network.
BDO’s global network
The BDO global network provides business advisory services in 162 countries, with 80,000 people working out of 1,600 offices worldwide. It has revenues of $9bn.
Tom James / Francesca Bliss
Headland Consultancy on behalf of BDO LLP
+44 (0)78 1859 4991
Tel: 020 7893 3000
Email: [email protected]