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News - 19 August 2013

CBI raises growth forecasts

The Confederation of British Industry (CBI), has raised its forecast for economic growth this year from 1.0 percent to 1.2 percent.

It also increased its forecast growth for 2014, from 2% to 2.3%, on predicted increases in disposable income and in business and housing investment.

The group, which represents 240,000 UK businesses, says a growth in exports will be cancelled out by more imports as the economy recovers.

CBI director-general John Cridland said:
"The economy has started to gain momentum and confidence is picking up, but it's still early days."

The CBI's forecast came at the same time as a separate survey brought further evidence that the recent heatwave boosted sales on the UK's High Street. Footfall at shopping locations was up 0.8% in July compared with a year ago, with strong demand for summer fashion and outdoor items, according to the data from the British Retail Consortium (BRC) and its survey partner Springboard.

It also said that the percentage of empty shops in the UK had fallen back from a record high. The BRC said its town centre vacancy rate stood at 11.1% in July - lower than April's peak of 11.9%. Last week, figures from the Office for National Statistics showed that UK retail sales rose by 1.1% in July from the previous month.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Recent figures and surveys have shown activity in manufacturing, services, construction and the housing sectors all gathering pace. The most recent official figures for the UK economy from the Office for National Statistics showed it grew by 0.6% in the three months to June. The figure means that the economy has now recouped more than half the 7.2% of output lost in the 2008-09 recession.”

Figures out last week also indicated that the Eurozone was emerging from recession after a record 18 months of economic contraction with a GDP growth of 0.3% in the second quarter of 2013.

Good news for all of us.

If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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