Economy News

UK economy posts strong economic growth

The UK economy saw growth of 1.9% in 2013, the highest recorded since 2007, according to the latest figures from the Office of National Statistics (ONS).

Growth for Q4 fell slightly on the previous quarter, dropping from 0.8% to 0.7%, but there was still widespread optimism that the figures suggested the recovery was continuing.

The service sector, which accounts for more than 75% of economic output, matched its performance in Q4 with the previous quarter with 0.8% growth. Manufacturing saw a strong 0.9% increase in output.

Invoice Finance: Not As Expensive As You Think?

Recent surveys have suggested that access to traditional banking facilities remains tricky for UK enterprises despite the improving economic conditions. Together with the fact that costs are escalating for the lucky ones who can secure an overdraft, it’s not really surprising that more entrepreneurs and small business owners are considering alternative ways to fund their businesses.

Financial health of ‘corporate UK’ improving says report

Fewer UK businesses are experiencing ‘critical’ levels of financial distress, according to the latest report produced from Begbies Traynor Red Flag Alert figures for Q4 2013, as increasing business confidence helped drive strong growth across core sectors.

The number of UK businesses with ‘critical’ financial problems reduced by 1% between Q3 and Q4 2013. The retail and services sectors saw the biggest falls in ‘critical’ distress as the ‘feel good’ factor of Christmas helped raise confidence across the board and led to increasing spending volumes during Q4.

Strong economic growth predicted for Q4

The UK economy recovery remained on track during the last quarter of 2013, according to the latest quarterly survey by the British Chambers of Commerce (BCC).

Improvements across the services and manufacturing sectors is expected to boost total growth across the economy to 0.9% for the quarter. If this growth is recorded, it would be up from the 0.8% recorded in the previous quarter.