New survey suggests UK economy could be back on track….but where exactly do SMEs fit in?
A new survey produced by the British Chambers of Commerce appears to indicate that the UK economy experienced improvement in the first quarter of 2013.
The BCC’s Quarterly Economic Survey shows that business confidence and investment are on the rise, while Q1 2013 also saw improvement for both the manufacturing and services sector in comparison to the final three months of 2012.
Where exactly do SMEs fit in to the process?
The survey took responses from over 7,000 businesses, with most people accepting that this was a sufficiently high volume to allow an accurate measure to be taken. But how many of these 7,000 businesses were SMEs?
A large number of the firms which took part in this particular survey are likely to have been large companies that have been stagnating for quite some time and subsequently contributing little to economic output. Specific measures that were brought in by the government in the recent budget made clear that they feel SMEs deserve increased support as they may hold the key to a sustainable economic recovery.
More reasons for optimism
A separate survey revealed that the financial services sector returned to growth in the three months to March, with a boost visible in both volumes and profit.
The CBI/PwC Financial Services Survey indicated that a rise in income from fees, commissions and premiums, as well as the continued widening in spreads, were the central drivers towards a position of growth within the financial services sector.
Business recovery specialists
If your business is struggling in the current economic climate, you may want to seek professional advice on your business recovery options. A company such as Moorfields can assist business leaders and companies that find themselves in distressed situations.
If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1143.