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News - 9 July 2013

UK business confidence reaches a new high

According to a new report, business confidence is at a 13 month high both in the service and manufacturing sectors.

However, the figures remained fractionally below the level which would indicate the economy was expected to grow.

The authors of the report said that despite growing confidence, pressures such as volatility in the Eurozone, "belt-tightening" by UK consumers and a signalling by the US Federal Reserve that its stimulus measures may taper off later in the year are weighing on business optimism going forward.

A spokesman for the report said "While it's encouraging to see confidence continuing to improve, we should be mindful of the zigzag trend that has characterised UK business confidence since 2008."

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
The report index moved up for the fifth consecutive month in June from 93.6 to 94.3, a 13-month high, with the sales prediction index increased for the fourth consecutive month to 94.9 in June from 94.4 in May.”

The indices are calculated by taking a weighted average of the results of the UK's main business surveys, including those from the Confederation of British Industry (CBI) and the Bank of England.

For business advice and a more personal approach, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

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

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