The UK's small and medium-sized enterprises (SMEs) are "battening down the hatches" in preparation for a stormy business environment over the coming 12 months, a new report states.

A study from Clydesdale Bank claims that around 60 per cent of SME owners think their businesses will face significant challenges during the next year, while over half say that the market they operate in is tougher than it was five years ago - statistics that may prompt many of them to take out commercial insurance.

"It's hardly surprising that UK SMEs are expecting a bit more turbulence in their markets," Mike Williams, Clydesdale Bank's business banking general manager commented.

"For the past five years the UK has been both economically and politically stable; house prices continued to rise steadily and interest rates were, up until the start of the year, at expected levels. However, since the start of the year we've seen numerous rate rises, and the US sub-prime market collapse."

"UK businesses are not ready to write off their economic prospects just yet," he added.

"It seems that many businesses feel secure and are confident that despite the recent credit crisis, the economy is performing well overall. For instance, the manufacturing industry is enjoying strong growth in Europe, while the service sector has remained buoyant, with profits reported across the board."

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