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News - 5 July 2013

UK business confidence 'at six-year high'

The quarterly survey from the British Chambers of Commerce (BCC) is the latest indication that the UK's economic recovery is strengthening. Its findings show that business confidence in the UK is at its highest level since 2007, with export sales growing at their fastest rate since it began publishing its survey in 1989.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
The BCC expects GDP to grow by 0.6% in the second quarter of 2013, which is significantly more positive than its previous forecast, where it predicted growth of 0.9% for the whole year.”

Mr David Kern, the BCC's chief economist, citing strong export data as particular cause for optimism. "The remarkable export balances show that the service sector is capable of increasing its trade surplus over time and can work to reduce our overall trade deficit."

This positive news follows on from the purchasing managers' index data suggesting that UK manufacturing grew at its fastest rate in two years in June, while Bank of England figures showed that mortgage approvals hit a three-and-a-half-year high in May.

Last week, official data showed the services sector, which accounts for about three-quarters of the economy, is continuing to grow.

The Director General of the BCC, John Longworth, did add a note of caution, stating that we have witnessed false dawns before and that inflation remained a worry among businesses.

For a more personal approach, those considering setting up a business contact us at ABDS to offer help and support on a range of issues, including keeping records, VAT registration, National Insurance, starting up a limited company, and PAYE Real Time Information.

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