Credit crunch failing to hold tech back

Confidence seems to be high in the UK tech industry that it can avoid the pitfalls of the credit crunch during 2008.

More than half (53 per cent) of SMEs surveyed by tech trade body Intellect, forecast double-digit growth this year.

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This compares to 49 per cent last year, indicating how small businesses remain optimistic despite the much reported global financial squeeze.

The areas where there seems to be greatest confidence are in banking, IT services, the public sector and telecoms.

Nigel Hartnell, chairman of Intellect's software group said some SMEs are also finding their size is an advantage as they are more able to respond to market changes.

Intellect also suggested software companies will be able to sustain growth by specialising in certain sectors.

The survey found 57 per cent of small businesses feel globalisation is having a positive impact on their business by expanding their opportunities.