Although businesses in the region are set to continue facing some of the challenges of last year, Mr Faulkner expects 2025 to bring “fresh opportunities to drive growth, resilience and profitability through technology”.
KPMG economists expect an increase in UK GDP to 1.7pc in Q1 2025, up from 0.8pc, driven by domestic consumption and government spending.
However, Mr Faulkner said this “won’t come without challenges”.
Joe Faulkner, KPMG UK’s East Anglia office senior partner (Image: KPMG) “For example, growth could be offset by a longer period of elevated inflation and slower rate cuts than many would have hoped for, following increased employment costs for businesses in the Autumn Budget,” he said.
“On the flipside, our forthcoming Private Enterprise Barometer survey notes a very high degree of confidence among the leaders of private companies in East Anglia, which just shows the ambition and quality of the business operating here.
“Supported by renewed certainty following various elections in 2024, we predict a further uptick in diversification and expansion, in mergers and acquisitions, and in investment into technology, leveraging AI and automation opportunities.”
READ MORE: Nine in 10 business owners confident of delivering growth in 2025
According to KPMG UK’s first ever Private Enterprise Barometer, more than nine in 10 private business owners in the East are confident of delivering growth in 2025.
The poll surveyed 1,500 private business owners, including 130 from the region – with 92pc of firms feeling confident about their growth prospects this year.
“Our client base continues to grow and our teams remain deeply committed to the region.
READ MORE: New chairman of engineering training board pledges to tackle region’s skills shortage
“In a complex environment our ability to leverage deep national and global expertise, while maintaining local relationships, is a real strength.
“We are planning more client events and activities to share our insights and support the local market over the coming year.”
