Reuters has reported that ''more than 60% of British businesses are optimistic about the country's economic growth in the medium term and their own revenues in the next few years, a survey showed on Monday, challenging some of the gloomy forecasts for the UK economy.''

The poll state that about 61% of over 1,500 business leaders expect economic growth to be "somewhat or significantly better" in 2025, according to the Boston Consulting Group Centre for Growth's inaugural business survey.

''Some 63% also think their revenues will grow over the next three years.''

Reutees note that ''the Bank of England said this month that Britain's weak productivity growth means the economy can probably only grow by about 0.7% a year in 2024 and 2025 without generating inflationary heat. It also forecast a recession starting in early 2023 and lasting into early 2024.''

"It is easy to get downbeat about the UK's prospects both in the short and medium term but those running our businesses tend to be more optimistic," Raoul Ruparel, director for the BCG Centre for Growth, said. "UK businesses are undoubtedly feeling squeezed, but they're still standing."

GBP/USD update

GBP/USD held steady on Friday with an improvement in UK consumer sentiment, but the currency was still headed for its first monthly drop since September as the US Dollar firms. GBP/USD is up 0.2% at the start of the week to 1.1960.

''British consumers have become more optimistic about their personal finances and the outlook for the economy, but their mood is a long way below where it was prior to the COVID-19 pandemic, market research firm GfK said on Friday,'' Reuters reported.