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UK business confidence surging, BCC survey shows UK business confidence surging, BCC survey shows
(about 1 hour later)
The UK's economy is continuing to grow, but the recovery must become less reliant on consumer spending, a key business survey has suggested. The UK's economy is continuing to grow but the recovery must become less reliant on consumer spending, a key business survey has suggested.
The quarterly poll of 8,000 firms by the British Chambers of Commerce (BCC) reports that service exports are at an all-time high and many key manufacturing balances are also at record levels, showing that growth is strengthening in the short term.The quarterly poll of 8,000 firms by the British Chambers of Commerce (BCC) reports that service exports are at an all-time high and many key manufacturing balances are also at record levels, showing that growth is strengthening in the short term.
However the survey also warned the recovery must become more balanced in the months ahead as it is still too reliant on consumer spending. However the survey also warned the recovery must become more balanced in the months ahead as it is still too reliant on consumer spending. Access to finance remains a critical issue for businesses as they look to expand, the report added.
Access to finance remains a critical issue for businesses as they look to expand, the report added. The quarterly economic survey also noted concern at the significant drop in the employment balance in the services sector .
The quarterly economic survey also noted concern at the "significant" drop in the employment balance in the services sector . Commenting on the results, BCC director general John Longworth said: "It is great to see another positive story as we enter the 25th year of our survey. Confidence is high and our members are determined to continue driving the recovery. We are brilliant at services and very successful at exporting our knowledge-based industries all over the world.
Commenting on the results, BCC director general John Longworth said: "It is great to see another positive story as we enter the 25th year of our survey. "But UK firms are ambitious, and more support is needed if we are to place the recovery on a sustainable, broader footing in the medium-term ... Given that over the next year or so we face political change at home and abroad, long-term policies that support our businesses as they look to grow and invest are crucial."
"Confidence is high and our members are determined to continue driving the recovery. We are brilliant at services and very successful at exporting our knowledge-based industries all over the world. David Kern, chief economist at the BCC, said: "The results of our survey suggest that growth is strengthening in the short term, and support our recent forecasts that the economic recovery is moving at a solid pace. But challenges persist and despite this progress, the recovery is not yet secure.
"But UK firms are ambitious, and more support is needed if we are to place the recovery on a sustainable, broader footing in the medium-term ... "UK growth is still reliant on consumer spending, driven by a resurgent housing market and a declining savings ratio. Given that UK personal debt levels are too high and need to fall, it will be hard to maintain growth levels in the medium term without significant structural changes to our economy.
Given that over the next year or so we face political change at home and abroad, long-term policies that support our businesses as they look to grow and invest are crucial."
David Kern, chief economist at the BCC, said: "The results of our survey suggest that growth is strengthening in the short-term, and support our recent forecasts that the economic recovery is moving at a solid pace.
"But challenges persist and despite this progress, the recovery is not yet secure.
"UK growth is still reliant on consumer spending, driven by a resurgent housing market and a declining savings ratio.
"Given that UK personal debt levels are too high and need to fall, it will be hard to maintain growth levels in the medium-term without significant structural changes to our economy.
"Our current account deficit is the largest in the G7 and will pose long-term risks unless it is tackled. Investment and exports must play a larger contribution to our economic future, or else there is a risk that our recovery could stall.""Our current account deficit is the largest in the G7 and will pose long-term risks unless it is tackled. Investment and exports must play a larger contribution to our economic future, or else there is a risk that our recovery could stall."
Trade Minister Ian Livingston said: "The findings in this survey are really encouraging. They are the latest sign that international demand for British products is growing. The trade minister, Ian Livingston, said: "The findings in this survey are really encouraging. They are the latest sign that international demand for British products is growing.
"As part of Export Week we are holding over 70 events across the UK to encourage companies that have not thought about selling abroad to start and encouraging existing exporters to expand to new markets.""As part of Export Week we are holding over 70 events across the UK to encourage companies that have not thought about selling abroad to start and encouraging existing exporters to expand to new markets."