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Businesses ready to push on, say British Chambers

Performance indicators across manufacturing businesses are at all time highs and exports in the service sector continue to break new ground, the latest Quarterly Economic Survey from the British Chambers of Commerce (BCC) suggests.

The study, which is monitored closely by the Bank of England, reveals strong growth across a number of sectors as key indicators are higher than pre-2007 recession levels.

The balance of domestic orders in the manufacturing sector was up +35% 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%).

John Longworth, director general of the BCC, said: “It is a fantastic to start the New Year with a very positive quarterly survey. Confidence is high and our members are resolute in their determination to take the recovery from being good to being truly great.

“Firms across the board believe they can create jobs, invest, and export. It is especially pleasing that the spurt in the manufacturing has proven not to be a fluke, which demonstrates the dynamism of our small, high value, manufacturing sector. But businesses have major ambitions, and to be able to meet them, more support must be provided.”

The BCC suggests access to finance will now pose a challenge to firms as they look to expand on the back of more positive trading.

Mr Longworth added: “Cashflow continues to be an ongoing concern, and may hold businesses back from expanding to meet the growing levels of demand.

“We must give companies the opportunity to get the finance they need to go out and trade the world if we are to succeed in rebalancing the economy.”

The BBC Quarterly Economic Survey samples 8,000 UK businesses.

This was posted in Bdaily's Members' News section by Tom Keighley .