London business confidence at three-year high

London businesses confidence has reached a three-year high, according to the CBI.

Sentiment across the capital’s businesses is improving at a time when the economy is getting better, with 69% of companies optimistic about the future, compared with 56% the previous year.

The CBI’s London Business Survey also found 73% of businesses are looking to expand in 2014.

Sara Parker, the CBI’s London director, said: “Improving confidence about the economy is feeding through into upbeat expansion plans. To successfully rebalance the economy we need UK firms to expand overseas.”

KPMG, who carried out the study with the CBI, said businesses needed to insure the right talent in place. London chairman Richard Reid said: “Access to a wide talent pool is vital in keeping our businesses growing, and the supply of skilled staff in London is fast becoming a major stumbling block in keeping us competitive.  Investment in the skills agenda has to be as high a priority as investment in infrastructure if London is going to be able to compete effectively against the likes of Shanghai and Mumbai.”

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