British businesses hopeful of growth this year

2 Apr 13
The UK economy should make slow but steady progress this year, avoiding a triple-dip recession, the British Chambers of Commerce said today.

By Vivienne Russell | 2 April 2013

The UK economy should make slow but steady progress this year, avoiding a triple-dip recession, the British Chambers of Commerce said today.

In its latest Quarterly economic survey, covering the first three months of 2013, the business group said there were signs of modest growth across both manufacturing and service sectors. It highlighted a particularly strong rise in service exports, with deliveries and orders nearing the all-time high achieved in 1994.

However, a dip in employment across both sectors was ‘disappointing’.

Commenting on the results, BCC director general John Longworth said: ‘We should not be satisfied with a long and tortuous road to recovery. These results provide a glimpse of the as-yet-distant sunlit uplands of recovery.

‘Businesses up and down the country are working hard to drive the economy, create jobs and export, but they cannot accelerate this process alone. We must be proactive, bold and forthright to bolster business and foster every shred of growth as this will propel our economy forward during the months ahead.’

He urged quick implementation of the supply side measures announced in last month’s Budget and new moves to improve businesses’ access to finance.

BCC chief economist David Kern added: ‘If an announcement of negative growth in Q1 is misleadingly described as a triple-dip recession, confidence will again be damaged unnecessarily. While the results [of the quarterly survey] do confirm that the UK’s economic performance is inadequate, they also show areas of strength.’


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