BusinessCompany NewsUK economy set for ‘mini-boom’

UK economy set for 'mini-boom'

Increasing confidence is fuelling the UK economy, and momentum is starting to build, according to research by BDO Stoy Hayward.

Link: Raise taxes or spend less, chancellor told

BDO’s research shows Europe as a whole seeing sustained growth, with Germany leading the way, but still behind the UK, which will continue to outperform the eurozone for the next few months.

‘The momentum in the UK economy is building. Concerns about a downturn have been moved away and people are confident,’ said Chris Grove, corporate finance partner at BDO.

And another BDO report which predicts business failures, backs up these claims by reporting a decrease in the number of companies collapsing last year, especially in the technology sector.

‘It’s a raft of factors coming together to make a mini boom,’ said Grove.

‘Businesses are spending on stock, marketing and product development, moving from a lean and mean management style to the purse strings being loosened a little.’

Grove said: ‘A few months ago reports were unsure whether the growth was sustainable in the short term, but business confidence is now being shown in increased orders and, in turn, by investment in infrastructure, although there remains a degree of reluctance to invest in people.’

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