Over two-thirds of large UK firms plan hiring, HSBC says
HSBC survey shows 68% of firms with turnover over £3m expect staff growth, despite cost pressures.
More than two‑thirds of UK businesses with annual turnover above £3 million expect to increase staff numbers, a new HSBC survey shows.
The bank’s research, conducted with 1,029 financial decision‑makers between 30 July and 12 August, found 68 per cent of respondents in this size bracket anticipate workforce growth.
Among those planning to recruit, a rise of between six and 15 per cent was the most common forecast.
HSBC stresses the figures reflect intentions rather than confirmed job creation.
Across the broader sample of firms, 56 per cent reported taking on new borrowing or credit lines in the past year, up from 28 per cent in the 2025 survey.
Confidence in achieving growth appears to be rising, with 87 per cent of firms planning expansion saying they are confident of success, compared with 80 per cent a year earlier.
Investment plans highlighted by respondents include digital technology, research and development, new product launches and entry into additional markets.
Nevertheless, cost pressures dominate strategic priorities, with 82 per cent naming cost reduction as a key focus.
Cash‑flow and liquidity concerns were cited by 79 per cent of participants.
Firms targeting growth of more than 20 per cent displayed a greater willingness to borrow and to consider mergers or fresh investment.
James Cundy, HSBC UK’s Head of Mid‑Market Corporates, said the data demonstrates that businesses remain ready to act on viable plans despite the prevailing economic uncertainty.
The survey’s findings are UK‑wide and do not break down results for specific regions such as Pembrokeshire or West Wales.
HSBC therefore cautions that the national numbers should not be interpreted as a forecast for local job creation.
The bank’s full Financing for Growth report, which will provide a deeper analysis, is scheduled for release on 21 October.
In the meantime, the snapshot offers a mixed picture of optimism about expansion alongside lingering concerns over the cost of doing business.
Companies that have recently secured new credit appear to be positioning themselves for the anticipated hiring surge.
Digital transformation remains a top investment theme, with many firms planning upgrades to cloud services and cybersecurity measures.
Research and development spending is also set to rise, reflecting a push for innovation in sectors ranging from manufacturing to life sciences.
New product development is highlighted as a growth driver, particularly among firms seeking to diversify revenue streams.
Expansion into additional markets, both domestic and overseas, features prominently in the strategic plans of a majority of respondents.
Despite these ambitions, the majority of firms continue to prioritise trimming operating costs.
Cost‑reduction strategies cited include streamlining supply chains, renegotiating supplier contracts and improving energy efficiency.
Liquidity management remains a critical focus, with firms closely monitoring cash flow to safeguard against potential disruptions.
The willingness to borrow has risen sharply, suggesting confidence in the availability of finance despite tighter lending conditions.
Some larger enterprises are even contemplating mergers as a route to achieve the scale required for their growth targets.
Overall, the data points to a cautiously upbeat business climate, with firms ready to invest in people and technology while keeping a tight grip on expenses.
Industry observers will be watching the forthcoming full report for more granular insights into sector‑specific trends.
For now, the headline figures underscore a clear intention among larger UK businesses to expand their workforces in the coming year.