Mr Ellis said PwC’s survey, which was published to mark the start of the World Economic Forum in Davos, Switzerland, suggested that the appetite for dealmaking among British businesses was returning as expectations grow that central banks will start cutting interest rates this year.
He added that concerns about the effect of the looming election on investment and hiring were overblown.
Mr Ellis told The Telegraph: “I definitely don’t feel that people are changing their investment forecasts for this year with the knowledge that an election is coming at some stage.
“There’s no doubt that whoever’s in Downing Street, whether it’s this side of the election or the other side, that growth is going to be important for jobs, taxes and investment and public sector because everyone knows, post-Covid we need more revenue to create tax cuts and economic growth.”
Writing in The Telegraph, shadow chancellor Rachel Reeves said it would be the “defining economic mission of the next Labour government to create wealth and bring growth back to Britain”.
Labour are on a three-day charm offensive in Davos led by Ms Reeves and shadow business secretary Jonathan Reynolds.
The pair have lined up dozens of meetings during the trip, including with Google, Barclays and Ericsson, as well as several energy companies.
Speaking on the sidelines of the event, Simon Freakley, chief executive of consultancy AlixPartners, said: “There’s general optimism and confidence about a Labour government from business. They’re not frightening [leaders] with too many old Labour-style policies.”
Jeremy Hunt, the Chancellor, is also expected to attend Davos alongside foreign secretary Lord Cameron. The business department will be represented by trade minister Lord Johnson attending in place of Kemi Badenoch, who is no longer expected to attend.
PwC’s survey found business leaders were much more optimistic about the UK economy than forecasters in Threadneedle Street. British chief executives were the most optimistic about growth this year out of all G7 nations, bar Japan.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
