UK firms leaders in gloom and doom

BRITISH firms are among the world's most pessimistic about prospects for their industries and their own performance.

That is the finding from a survey by logistics group Exel which shows that despite the Sars epidemic, Germany's stagnant economy, and concerns about the US government's budget overspend, foreign firms are far more optimistic about the future than their British rivals.

Among British and Irish firms, only a third believe their sectors will improve over the coming year. That contrasts with more than half of companies in the Americas, Asia-Pacific and continental Europe which expect their industries to show improvement.

The findings emerge in a global survey of 594 companies conducted by pollsters Mori on behalf of Exel. The survey also revealed that 64% of British and Irish businesses are bullish about their own, rather than overall prospects for their industry, But that was also the lowest global rating.

Exel chief executive John Allan said that, although the feelgood factor had returned to much of the world, pricecutting to win business in a difficult trading environment was depressing the outlook for UK Plc. He also attributed the findings to a good dose of British realism.