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All the signs are there - the tide is turning

Business confidence in the UK is at its highest level since 2007, the latest economic survey from the British Chamber of Commerce (BCC) has suggested.

The quarterly survey from the BCC is the latest indication that the UK's economic recovery is strengthening.

The BCC said export sales had grown by their fastest rate since it began publishing its survey in 1989 and it now expects GDP to grow by 0.6% in the second quarter of 2013.

That is significantly more positive than its previous forecast, when it predicted growth of 0.9% for the whole year.

The survey adds to a slew of recent positive data published yesterday (1st July) suggesting the UK economy is beginning to strengthen after a long and slow recovery from the global financial crisis.

  • The latest Markit/CIPS manufacturing Purchasing Managers' Index (PMI) indicates operations in the UK’s manufacturing sector have been increasing for 3 straight months. The survey also reported a 0.5 per cent rise for the second quarter this year.
  • The latest Bank of England figures show that mortgage approvals hit a three-and-a-half-year high in May.
  • The latest research by Deloitte shows that the number of retailers falling into administration in the first half of 2013 fell by 30% to 87, compared with 124 in the same period last year.

Certainly it does feel as if the tide is turning.

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