Ahead of the upcoming Budget, we surveyed founders, chief executives and chairs from across our investment portfolio to understand their outlook for the year ahead, their investment priorities and what they believe the Government should focus on to support business growth.
The message from 172 businesses across the UK* is clear: ambition remains strong. More than eight in ten (82%) are confident about their growth prospects over the next 12 months, with expansion, technology, people and innovation all firmly on the agenda.
That confidence persists despite a challenging backdrop. Rising costs remain the biggest concern, cited by 55% of respondents, followed by slower demand (47%) and regulatory uncertainty (30%).
Growth ambitions remain firmly on the agenda
Looking ahead, business leaders are continuing to invest in opportunities to scale, both at home and internationally.
More than half (54%) of respondents plan to invest in UK or overseas expansion over the coming year. Technology and digital transformation are also high on the agenda (45%), alongside investment in people and skills (40%) and product or service innovation (40%).
The findings underline the appetite among growth businesses to pursue new opportunities, even as they navigate a continued challenging operating environment.
What do growth businesses want to see from the Budget?
With the Chancellor preparing to deliver the Budget, our research also highlights the measures business leaders believe would make the greatest difference to their ability to invest and grow.
Key findings include:
- 73% believe the Government needs to demonstrate that it rewards entrepreneurship.
- 65% want to see greater support for growth through investment incentives.
- 45% identified better access to growth capital as a priority for supporting businesses in their region.
- 41% highlighted the importance of supporting technology adoption and innovation to drive regional growth.
- 36% called for a reduction in red tape.
- 80% said changes to Capital Gains Tax would influence their decisions on future investment or business expansion.
Together, the findings highlight the importance of creating a stable and supportive environment that gives entrepreneurs the confidence to make long-term investment decisions.
Commenting on the findings, Andy Gregory, CEO of BGF, said“The backdrop to this Budget is undoubtedly challenging, but it hasn’t diminished the ambition of the growth businesses we work with up and down the country. More than eight in ten remain confident about their prospects and are continuing to invest in new markets, technology, people and innovation.
“These businesses want to grow, and creating a stable, supportive environment will give them the confidence to keep investing. Combined with access to long-term growth capital, that ambition can be a powerful driver of sustainable growth across the UK.”
*The BGF Pulse Survey was conducted in September 2026 and includes responses from 172 BGF portfolio businesses spanning multiple sectors and regions of the UK.
