UK skills gap gives small firms a big headache
The UK's small businesses are concerned that skills shortages could dent an otherwise bright outlook for their growth.
Bosses at Britain’s small firms expect sales to rise 7.4 per cent a year over the next two years, survey data published today by Lloyds Bank reveals.
Four in ten firms also said they expected to lift their investment in new products and services over the next five years.
While firms are generally optimistic on their growth potential, they fear it could be choked by a lack of talent available in the jobs market.
Two-thirds of small firms said their research and development plans were currently being held back, with the most commonly cited reason being a lack of potential employees with qualifications in science, technology, engineering and maths.