The UK economy continued to grow in the second quarter of this year, according to new data released by the British Chambers of Commerce (BCC).
In its latest Economic Survey, the BCC found that growth was particularly strong in the manufacturing sector, with home and domestic sales rising significantly.
Meanwhile, manufacturing export sales increased by 11 points to +31% - its highest level since Q3 2006. Confidence and employment levels within the industry also rose between April and June.
However, the BCC said that sluggish growth in the service sector remained a 'serious concern' and needs to be addressed if the country is to avoid a double-dip recession.
‘This is very much a tale of two sectors,' said David Frost, Director General of the BCC. 'Manufacturing is performing far better than services.'
He added: 'With very austere times ahead, no one should kid themselves into thinking that the UK's economic recovery is totally secure. There will need to be an unwavering focus on ensuring business is able to deliver growth, create jobs, and drive a lasting recovery.'
Categories: Business & Economy
The UK economy continued to grow in the second quarter of this year,
according to new data released by the British Chambers of Commerce (BCC).
In its latest Economic Survey, the BCC found that growth was
particularly strong in the manufacturing sector, with home and domestic
sales rising significantly.
Meanwhile, manufacturing export sales increased by 11 points to +31% -
its highest level since Q3 2006. Confidence and employment levels within
the industry also rose between April and June.
However, the BCC said that sluggish growth in the service sector
remained a 'serious concern' and needs to be addressed if the country is
to avoid a double-dip recession.
‘This is very much a tale of two sectors,' said David Frost, Director
General of the BCC. 'Manufacturing is performing far better than
services.'
He added: 'With very austere times ahead, no one should kid themselves
into thinking that the UK's economic recovery is totally secure. There
will need to be an unwavering focus on ensuring business is able to
deliver growth, create jobs, and drive a lasting recovery.'
Categories: Business & Economy
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Categories: Business & Economy, Companies House, Financial reporting, HMRC, Payroll, Tax
The Coalition Government is being urged to revive a small business
lending forum in a bid to boost the supply of credit to UK firms.
The Small Business Finance Forum was set up by the previous Labour
Government and was designed to monitor high street banks' lending to
small and medium-sized enterprises (SMEs) at the height of the recession.
However, the forum has not met since before the General Election,
prompting calls for the Business Secretary Vince Cable to reintroduce
the initiative.
It follows concerns over the amount that banks are currently lending to
SMEs under the Enterprise Finance Guarantee (EFG) scheme.
According to reports, lending under the EFG has fallen by 23%, with high
street banks handing out £365 million from September to March this year.
The total number of individual loans also fell by 18% to 3,583 during
this period.
The EFG was extended by £200 million to £700 million in the Emergency
Budget, but some business groups have suggested that the cost of the
scheme needs to be cut to encourage more firms to apply.
The Federation of Small Businesses (FSB), which was a regular attendee
at the Small Business Finance Forum, is among the bodies calling for
more action on bank lending.
An FSB spokesman said: 'We want the forum to carry on. The banks were
there, and they were open to criticism and liked the praise when we
thought things were working. It needs to carry on for the Enterprise
Finance Guarantee to prosper.'
He added: 'The EFG is expensive with too many conditions and the
marketing of it between September and March was poor. The ebb and flow
of it depends on ministers having their eye on the banks.'
Categories: Business & Economy
