Economic climate top concern for Britain's business leaders

Britain's business leaders are now preoccupied with the economic climate as the most important problem facing their company, according to the interim findings of the 2001 MORI annual Captains of Industry survey. It has clearly overtaken last year's biggest concern, skill shortages. The findings come amidst a recent warning of an extended "bumpy ride" by the Governor of the Bank of England, Sir Edward George.

Concern has clearly been exacerbated by the events of 11 September. As one Captain commented, "the aftermath of the 11th September is the biggest issue: understanding what it means and how we should respond to it"

Economic optimism

The survey also finds that economic optimism has dropped dramatically in the last year. Four out of five Captains expect conditions to worsen over the next 12 months; only one in ten believe the economy will improve.

Captains are less pessimistic about prospects for their own company. One in three think they will improve over the next 12 months, although this is down from 50% over a year ago.

MORI is currently interviewing senior board directors from the FTSE top 500 and UK top 500 by turnover. The results on the full sample will be available in December 2001.

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Technical details

MORI interviewed 87 (71 after the September 11th) board directors of Britain's leading companies selected from the FTSE top 500 and UK top 500 by turnover. Interviews were conducted face-to-face. Fieldwork started on the 5th September and finishes on the 2nd November.