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News - 29 April 2014

UK economy grows in first quarter.

New figures from the Office for National Statistics (ONS) show that the UK economy grew by by 0.8% in the first quarter of 2014. This is the fifth consecutive period of GDP growth - the longest positive run since the financial crisis.

Chancellor George Osborne said Tuesday's figure showed that "Britain is coming back", but that the recovery could not be taken for granted.
"The biggest risk to economic security would be abandoning the plan that is laying those foundations."

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The figure was slightly weaker than the 0.9% most economists had expected, but it still meant that output was 3.1% higher on the same period in the previous year marking the fastest annual growth since the last quarter of 2007. However, the economy remains 0.6% smaller than at its peak in the first quarter of 2008 after the recession wiped 7.2% off total output.”

Output in the service sector - which makes up more than three quarters of UK GDP - rose by
0.9% and continued to be driven by consumer spending.

Manufacturing grew by 1.3%, its strongest quarter for nearly four years, bolstering hopes for a re-balancing in the recovery away from its reliance on consumers.

Industrial production rose 0.8% though mining and quarrying, together with electricity and gas production, and agriculture, shrank over the quarter.

Figures were also released that show that there was a 2.5% rise in the number of people being declared insolvent in England and Wales over the same period. There were 24,931 individual insolvencies recorded during the three months - a period when wage increases finally caught up with inflation for the first time since the recession.

If you need any help and advice on Business Financial Planning and Development within the manufacturing and construction sectors, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your Business planning.

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
Mindful of our client’s long term strategic goals

Helping Your Business is Our Business

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