Posts tagged Economy of the United Kingdom
BCC suggests in its Quarterly Economic Survey that businesses are growing but the the pace of activity is too slow for a sustainable recovery. Director General of the BCC, John Longworth, urged the government to take a bolder approach to boosting economic growth. He recommended measures including the creation of a state-backed business bank, and investment in infrastructure as critical to get the economy growing.
Mr Longworth said: “Growth cannot wait. The government must take an imaginative and brave approach to stimulating the economy and helping businesses thrive.”
The survey found manufacturing home orders has edged up two points, to +8%, the strongest level since the second quarter of 2011. The service employment balance increased six points, to +10%, representing the highest level since the recession began in 2008.
The report indicates a surprising growth over manufacturers’ intentions to invest in training which rose to +18%, the best level for the last four years.
Although, business confidence is still below its 2007 level, manufacturers’ profitability is reported to have increased three points, to +24%, also the strongest level since the last quarter of 2010.
What’s your reaction on the findings by the BCC which suggest the manufacturing and the service industry are growing in times of austerity? If you are working in one of those sectors, share your thoughts by commenting here or raising your voice on our Facebook page.
Chancellor of Exchequer, George Osborne, has revealed positive growth figures for the British economy up to 2016, unemployment to fall and the inflation rate to decrease, giving hope to millions of people out of work and boosting businesses across Britain.
The Chancellor said that the Office for Budget Responsibility has revised its forecast figures for growth with an increase of 2% for the next year. Budget 2012 has been described by the Chancellor as a budget rewarding work and encouraging economic growth.
Mr Osborne said that the government will provide funding to upgrade railway lines in the north of England and deal with the lack of airport capacity in the South-East which will create new jobs in the building construction sector.
The Chancellor said: “We want to look at the opportunities for increasing the role of private investment in the road network, learning lessons from the water industry.”
Significant news for the building sector, revealed today in Budget 2012, was the government’s commitment to provide an extra £100 million to improve accommodation for armed forces personnel’s families.
Ten Major UK cities are to receive £100 million to fund 100Mbps superfast broadband in areas where private sector would not normally reach. Those are Belfast, Birmingham, Bradford, Bristol, Cardiff, Edinburgh, Leeds, Manchester, Newcastle and London.
Talking about the renewable energy sector, Chancellor Osborne said that the government will continue with its commitment to support green energy initiatives in the future. However, Mr Osborne said the government will make sure it ensures the fiscal effectiveness of the renewable energy.
Chancellor Osborne said: “I also want to see investment in our world-leading energy sector including renewables,” saying that “renewable energy will play a crucial part in Britain’s energy mix but I will always be alert to the costs we’re asking families, business to bear.”
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