UK Contractors: UK firms ‘bounced back’ at the end of 2014
Smaller sized businesses, such as Limited company contractors, will be pleased to learn that UK firms ‘bounced back’ during Q4 2014.
Results from a British Chambers of Commerce (BCC) report revealed that it was the manufacturing and services firms in particular that reported strong growth to end 2014.
The latest Quarterly Economic Survey (QES), which took the responses of almost 7,000 businesses, showed that the manufacturing sector recorded increases in the balances for domestic sales (+36%, up from +23% in Q3), export sales (+26%, up from +16% in Q3), recruitment intentions (+85%, up from +73% in Q3) and turnover confidence (+62%, up from +60% in Q3).
The results of the survey also show that firms set out to recruit staff at an all-time high rate in the last three months of 2014.
Commenting on the results, John Longworth, Director General of the BCC, said, “British businesses are well placed to grow in 2015 – a testament to their hard-work and resilience. It is particularly pleasing to see the manufacturing sector bounce back, despite signs of a slowdown in recent months. However we must aim for growth that is sustainable for the long-term, rather than settle for second best.
“With employment and investment intentions at historically high levels, businesses are gearing up for a big year in 2015.”
David Kern, Chief Economist at the BCC said, “The latest results support our view that UK growth will stabilise well above 2%, and that Britain’s medium-term economic growth will be slightly higher in the next few years than the recent OBR forecast predicted.”
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