Nearly a third of UK businesses are adapting their growth strategy to navigate around the financial challenges being caused by the cost-of-living crisis.   

A recent HSBC survey revealed that 20 per cent of businesses feel optimistic and that they are ready for growth after the pandemic. Some of the biggest areas of opportunities that were identified were sustainability and digitalisation. Other businesses were thinking about growth via investment, acquisitions and capital expenditure. It also concluded that the top three issues currently affecting businesses are rising energy bills (77 per cent), travel costs (76 per cent) and rent (23 per cent).

Consequently, HSBC UK have put a side a range of funded support packages to support SMEs who may be struggling with cost-of-living challenges, including a dedicated UK wide £15bn fund. Indeed, £1.5bn and £950m have been allocated for the West and East Midlands areas respectively.The £15bn fund is available to businesses across the country and includes allocated funding for businesses trading internationally (£2bn), in the agriculture sector (£1.2bn) the tech sector (£500m) and franchise businesses (£500m).

Peter McIntyre, head of business banking at HSBC UK, added: “SMEs are the lifeblood of the UK economy. During the pandemic, many businesses had to act fast to successfully adapt, and we’re seeing the same resilience again now.

“The UK is home to many fast growing, robust and innovative businesses who, together with the support of their banks, can seize opportunities and become stronger. HSBC UK package of support is designed to give businesses access to the help they need to weather the current challenges they are facing.”

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