A new GE Capital survey has revealed that small and medium sized businesses (SME’s) are to create nearly half a million new jobs in the coming year.
SME’s across the UK are set to invest £45.8 billion in the next 12 months, which will in turn, create over 450,000 jobs for both contractors and permanent workers.
This is a 23% increase on investment intentions from Q1 2012.
The GE Capital report found that 65% of the firms surveyed would need more workers due to upgrading existing equipment in order to enhance efficiency and productivity, whilst also indicating a clear response to increasing missed income or new business opportunities.
Results also predict a significant boost to UK employment, with UK SMEs planning to take on staff in much higher numbers compared to the start of the year.
Chief Executive of GE Capital UK, John Jenkins said, “After a period of under-investment brought on by broader economy uncertainty, it’s good to see UK businesses once again looking to increase investment in capital expenditure and creating new jobs.
In particular a drive to modernise and upgrade equipment should spark a corresponding increase in productivity.”
He added, “This is a welcome sign for the UK economy and will provide a boost to wider economic recovery.”