Pound slides as mid caps are optimistic about overseas growth
Sterling has slipped as mid-capped businesses state they are confident about overseas business growth.
The pound has slipped in forex trading this morning (October 29th) after a survey of 100 British medium-sized enterprises – or mid-caps – revealed companies are confident about overseas growth.
BDO's 2012 Global Ambitions Reports found 78 per cent of such firms anticipate they will generate more revenue from investment coming from abroad in the next three years, while 82 per cent feel optimistic about their international expansion plans.
Furthermore, 61 per cent claimed the sovereign debt crisis that has gripped the eurozone for years has had little or no impact on their overseas growth ambitions, with only eight per cent saying the matter has had a "large impact".
International advisory partner at BDO Kim Hayward advised businesses with plans for growth abroad research the foreign markets they are interested in.
"It is crucial to do thorough research into target markets, choose the right local adviser or partner and take things one step at a time," he said.
At 08:30 GMT the pound slipped by 0.2 per cent versus the dollar to £1 buying $1.606.
Find out about the pound and forex trading at City Index.
Latest market news
Yesterday 08:33 AM