UK economy showing signs of improvement

The UK economy has shown some signs of improving in the first three months of 2012, the British Chambers of Commerce (BCC) reported today.

The latest economic survey from the business lobbying group indicated higher domestic orders and exports than the previous quarter, as the BCC expects growth of 0.3% in the first quarter of 2012.

Last week, the OECD had said it expected the UK’s economy to contract in Q1 of 2012, thus bringing the country back into recession.

But confidence amongst businesses was shown to have increased on the previous quarter, although the BCC still feels the government can do more to boost growth. Director General at the BCC, John Langworth, said, "It's encouraging to see that businesses are feeling more confident at the start of 2012 than they were at the end of 2011.” "But that underlines the need to support and foster growth and investment by companies to ensure that the increases we have seen in the first quarter continue," he concluded. Data from the Manufacturing industry also indicated positive growth across the sector, the fastest recorded in 10 months, which may yet help the country avoid technical recession.