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News - 7 January 2015

UK recovery is lopsided.

Results from the latest Markit/CIPS UK Manufacturing Purchasing Managers’ Index have shown that manufacturing growth weakened at the end of last year while lending to individuals soared.

Sterling hit a 16-month low in December, missing all forecasts in a Reuters poll.

Separate data from the Bank of England (BoE) showed lending to consumers surged at its fastest rate in nearly a decade in the three months to November, and business lending showed signs of picking up despite a slowing housing market

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“These figures suggested Britain's upturn, which is one of the strongest among advanced economies in 2014, will remain biased towards consumption rather than other sources of growth such as investment and exports. We also cannot ignore the forthcoming election in May which may have ramifications to the economy.”

The BoE credit data showed consumer lending beat economists' expectations to rise at an annualised 8.3 percent in the three months to November, a pace last seen in October 2005.

There were also signs that businesses' reluctance to borrow from banks eased, particularly among smaller firms which have historically found it hardest to get credit.

Net lending to non-financial businesses dropped by 149 million pounds, the smallest decline since August, and lending to small businesses rose by 286 million - the biggest increase since records started in May 2011.
 
The BoE data also added to evidence that Britain's housing market has cooled off markedly. The number of mortgages approved dropped to its lowest since June 2013, though the size of the decline in November was less than economists had expected.

If you need any help and advice for your business on financing, cash-flow, management accounts or business development and or recovery, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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