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Norfolk Business Awards 2018

Inflation and cyber crime among chief concerns for SMEs

PUBLISHED: 09:56 02 January 2018 | UPDATED: 09:59 02 January 2018

Matthew Peek, head of SME in the Anglia region for Barclays.

Matthew Peek, head of SME in the Anglia region for Barclays.

Archant

Cyber crime and rising inflation are the chief concerns for small businesses heading in to 2018, according to research.

Firms were most worried about the impact of rising inflation on their prospects in 2018, with 43% citing it as their biggest fear, according to Barclays’ Hopes and Fears Index.

The state of the overall UK economy, fraudsters and price inflation outpacing wage rises were also in the top five fears.

Meanwhile, consumer demand and availability of better technology were the main positives for firms.

Matthew Peek, head of SME for Anglia at Barclays Business Banking, said: “The research reflects small businesses being empowered by new technology and e-commerce. Compared with a year ago, more think these developments will have a positive impact on their business.”

He added there were positive signs for hiring and investment.

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