Manx Financial comments on UK sluggish GDP growth

Commenting on sluggish UK GDP growth as economic outlook remains challenging, Douglas Grant (pictured), Group CEO of Manx Financial Group, said: “Latest UK GDP figures show that the broader economic outlook remains challenging, particularly for SMEs. Persistent cost pressures and economic uncertainty driven by geopolitical tensions and global tariffs are heightening pressure on businesses, amplifying investment hesitancy and emphasising the need for adaptable lending strategies to withstand ongoing uncertainty.

“Recent research from Manx Financial Group reveals that nearly a third of UK small and medium sized enterprises have had to stop or pause an area of their business because of a lack of finance over the last two years. Thirty eight per cent of SMEs also expect stagnant growth in the year ahead – up from 25 per cent in 2024, highlighting the need for a more stable and inclusive lending environment. The Labour government must prioritise measures to improve credit availability, address inflationary pressures, and foster collaboration between traditional and alternative lenders. Strengthening the lending environment will help businesses navigate rising taxes, geopolitical risks, and cost-of-living pressures.

“SMEs face a rapidly shifting landscape shaped by economic, political, and technological changes. Business leaders must reassess strategies to guide SMEs through these challenges and opportunities. To build resilience, SMEs should capitalise on opportunities for monetary easing and secure affordable credit to adapt and grow. Supporting this dynamic will be crucial to sustaining recovery and ensuring SMEs remain at the heart of the UK economy.”

About Manx Financial Group PLC

Manx Financial Group PLC (MFG) is an AIM-listed company (LSE: MFX.L). It is the holding company providing a range of diversified financial services to customers in both the Isle of Man and the United Kingdom. The sectors include banking services, payment solutions, foreign exchange, money saving solutions, wealth management, general insurance, and life insurance through its subsidiaries Conister Bank, Conister Finance & Leasing, Edgewater Associates, Manx Collections, MFX, Blue Star Business Solutions, The Business Lending Exchange, Payment Assist and Ninkasi Rentals & Finance.