Economy News

Halloween is round the corner, but don’t let your overdraft renewal turn into a real nightmare!

There still remains a good deal of bluster in the media about banks not supporting new lending propositions and businesses not being able to gain access to much needed finance.

Whilst some may argue the banks have now opened their doors for new business once again, the reality for the customer may be somewhat different with the terms now being tightened much more in favor of the bank. This could mean increased pricing and/or increased personal security being required.

UK Services Sector Grows

The services sector in the UK grew at a faster rate than expected in May.

The Markit/CIPS services purchasing managers' index (PMI) eased slightly to 58.6 in May from 58.7 a month earlier whilst predicting that the economy as a whole would grow by 0.8% in the second quarter of 2014.

That would push the economy past its previous 2008 peak.

A Skipton Business Finance spokesperson said: “The UK economy grew at its fastest pace in more than six years in the first quarter of 2014 and is expected to be among the fastest-growing Western economies.”

Outlook "exceptionally strong" say The Confederation of British Industry

The The Confederation of British Industry (CBI) have said today that the outlook for the economy over the next QTR is “exceptionally strong” – great news for businesses throughout the UK.

Its latest monthly survey of 675 firms, had indicated that growth expectations were the strongest since the CBI started collecting data in 2003. Among the strongest areas for growth are the retail and services sectors whilst manufacturing businesses also reported solid progress.

Manufacturing balances at all-time highs, but access to finance a critical issue

There is strong evidence to suggest that the UK economy is continuing to grow, however access to finance remains a critical issue for businesses as they look to expand and meet growing order books, according to The British Chambers of Commerce’s (BCC) Q1 Quarterly Economic Survey published today. The BCC’s Quarterly Economic Survey is the first major economic survey of the quarter, and is closely watched by the Bank of England and the Treasury.