UK EconomyTopic Author:
11:29 GMT 16.05.13
The latest CBI quarterly Service Sector Survey has revealed that business and professional services have seen trading volumes rise at their fastest pace since November 2007. Beavis Morgan has grown too. Our growth is a reflection of the increasing needs of our clients as, in turn, they benefit from the growing economic optimism. In addition, we have made selective appointments and acquisitions which enhance and support our service offerings. However we remain a hands on, partner led business to ensure we continue to look after our clients best interests. If you would like to discuss any aspect of your affairs to ensure you are ready for an economic upturn please contact Paul Ashton or your usual Beavis Morgan partner.
11:09 GMT 03.09.13
International Monetary Fund urges UK to borrow to spend
The IMF's annual report has said that Britain should spend more now to fund investment and steer the economy back to recovery.
The IMF would like the UK to spend more on large infrastructure projects such as roads, housing and schools, as well as lowering corporation tax and providing incentives for firms to issue shares.
They believe this would help boost the UK economy. It is unclear whether the chancellor will listen to this advice.
09:33 GMT 23.05.13
Mervyn gets excited
Sir Mervyn King has declared that the recovery is "in sight" as he gave a final, upbeat, assessment of the state of the economy before retiring from the role as Governor of the Bank of England.
He said that inflation should drop to its target of 2% within two years. He also now predicts that economic growth is expected to be greater than 1% in the coming year.
His message was probably more political than realistic, as he wants to go out on a high note; but perhaps…. We will see.
11:23 GMT 16.05.13
Revised data suggests UK avoided double-dip
The economy wasn’t quite as bad as it was first thought, and revised growth estimates now suggest the construction industry shrank less than first thought in the first quarter of 2012.
Analysts say the revision is probably enough for the overall economy to narrowly have avoided falling into recession a second time. Therefore, there was only one recessionary dip, and not a double dip. It appears that fears of triple dip, or double dip were over stated.
The revised figures show the construction sector shrank by 5% in the first three months of 2012, less than the 5.4% contraction initially reported. The ONS gives its final estimates for growth in June, and if other parts of the economy remain unchanged, the economy as a whole would register zero growth, rather than a contraction of 0.1%.
So a static rather than a backwards moving economy. Hopefully, 2013 and 2014 will reveal some acceleration of growth for the UK economy.
14:47 GMT 15.05.13