Economy News

Economic growth continues as survey data points to broad recovery

New survey data has suggested that the UK economy is continuing to grow at record speeds, whilst the upturn remains broad-based and sustainable.

This is good news for all small-to-medium-sized enterprises (SMEs) across the sectors as a broad-based economic upturn indicates a more balanced and sustainable economic picture going forward.

Small firms confident amidst economic revival

UK small-to-medium-sized enterprises (SMEs) are increasingly gaining in confidence according to a new report by Regus.

The global workspace provider’s six-monthly Business Confidence Index, which takes into account the views of 1900 SME owners, indicated that almost 10% more firms have reported increasing profits in the six months up to October.

When questioned about the state of the economy, a fifth predicted it would improve markedly by the end of 2013.

Private sector businesses hit new high

Official figures have revealed that the amount of private sector businesses trading in the UK has reached 4.9 million, surpassing last year’s record levels. There has been an overall increase of 102,000 businesses during 2013.

The vast majority of private sectors (99%) are small-to-medium-sized enterprises (SMEs) which employ fewer than 250 people, whilst almost half employ less than 50 employees and account for a third of turnover generated by the private sector.

Half million new businesses begin trading in 2013

Britain is on track to see more than 500,000 new start businesses begin trading in 2013, according to the latest research.

So far more than 397,000 businesses have been started this year, which, if current trends continue, will see more than 520,000 by the end of 2013.

Emma Jones of Start-Up Britain, commissioners of the research, said: “These figures are raw, they are unaudited, but what they are telling us is that there has been more growth in start-up rates.”

UK manufacturing continues growing

The UK manufacturing sector has grown for the sixth month in a row, consequently recording its best quarterly performance for more than two years, according to a new survey.

The Markit/CIPS Purchasing Managers’ Index fell slightly to 56.7 in September, down on 57.1 recorded in August, but was still significantly above the figure of 50 which indicates expansion.

Output growth and new orders both remained high in September, prompting further optimism that the sector’s strong performance indicates a rebalancing of the UK economy.