SME's planning investment

SMEs plan to increase investment in the year ahead A report from Virgin Money reveals the annual growth rate in the number of registered companies in the UK surged to a record 8.3% in Q4 2020. More than a quarter of SMEs plan to invest more in their businesses in the year ahead than during a typical pre-pandemic year – with 35% intending to invest £10,000 to £10m this year, a rise on 32% from 2020. However, only one in five SMEs expect to be able to keep all furloughed employees after the end of the Coronavirus Job Retention Scheme, with over 50% of small firms currently employing staff on furlough. Group business director at Virgin Money, Gavin Opperman, commented: “While there are undoubtedly significant challenges ahead, many businesses remain optimistic and intend to invest for the future as the economy recovers.”