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News - 9 January 2014

Businesses ready to push on but more finance needed

The British Chambers of Commerce’s (BCC) Quarterly Economic Survey (QES) provides further evidence that the UK economy is growing at a solid pace, and could even strengthen in the short term.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The Fourth Quarter Survey (Q4) is gathered from almost 8,000 businesses and shows improvements in most areas for both the manufacturing and service sectors, and that all key balances are stronger than their long-term historical averages. In the manufacturing sector, five key balances are at all time highs, and exports in the services sector continue to break new ground. But the recovery has risks with the problems of access to finance for firms looking to expand, and rectifying this is vital in moving our economy forward.”

Key findings in the Q4 2013 Quarterly Economic Survey:

  • For both manufacturing and services, all the major Q4 balances are stronger than their long-term averages, and most are higher than their 2007 pre-recession levels.
  • Five key manufacturing balances are at all-time highs, allaying fears in Q3 that the growth spurt in manufacturing was temporary: domestic orders (+35%), employment (+33%), employment expectations (+31%), turnover confidence (+67%), and profitability confidence (+51%).
  • Both export balances in the services sector are at record highs for the survey: export sales (+36%), and export orders (+33%).
  • In addition, the services sector employment balance rose nine points to +29%, and is now at an all-time high for the survey.
  • But some concerns do exist. In manufacturing, the key balances for domestic sales and export orders fell slightly, although these are still high by historical standards.
  • Manufacturing cashflow fell back from Q3, which underscores the need to promote access to finance, so businesses can expand to meet growing order books.
  • Intentions to raise prices rose in both manufacturing and services, while inflation remains a major area of concern for businesses.

If you need any help and advice on Business Financial Planning and Development within the manufacturing sector, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your Business planning.

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

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