Two surveys have reinforced prospects for an upturn in Britain's faltering economy, with resurgent business activity and confidence recorded in July.
The Lloyds TSB monthly survey of purchasing managers showed a significant rise in activity and the fastest rate of growth in over a decade, with nine consecutive months of growth across the English regions.
The survey is being released ahead of official unemployment data on Wednesday and shows that the north-west and London reported the highest rate of growth for English businesses. Activity also grew in Wales for the twelfth month running.
David Oldfield, managing director of SME and mid-markets banking at Lloyds Commercial Banking, said the findings "should help to bolster confidence in the economy both at home and abroad.
These findings suggest that the upturn in economic growth seen through the summer has strengthened right across England and Wales, and the strong rise in levels of new work also hints that this momentum should continue through the third quarter of the year."
Meanwhile a business trends report from accountants BDO said output in the services and manufacturing sector grew last month and business confidence continued to rise.
Peter Hemington head of mergers and acquisitions at BDO said: "All of our indices moved in the right direction this month, suggesting that the new Bank of England governor Mark Carney has joined at an opportune time.
However one need only look at the last five years of zig-zagging economic growth and business confidence to know that sustained expansion will not be achieved easily."
Carney last week used his first ever forward guidance on monetary policy to indicate that interest rates would not rise from their historic low levels unless unemployment fell to 7% – which would require 750,000 jobs to be created.
theguardian.com
The Lloyds TSB monthly survey of purchasing managers showed a significant rise in activity and the fastest rate of growth in over a decade, with nine consecutive months of growth across the English regions.
The survey is being released ahead of official unemployment data on Wednesday and shows that the north-west and London reported the highest rate of growth for English businesses. Activity also grew in Wales for the twelfth month running.
David Oldfield, managing director of SME and mid-markets banking at Lloyds Commercial Banking, said the findings "should help to bolster confidence in the economy both at home and abroad.
These findings suggest that the upturn in economic growth seen through the summer has strengthened right across England and Wales, and the strong rise in levels of new work also hints that this momentum should continue through the third quarter of the year."
Meanwhile a business trends report from accountants BDO said output in the services and manufacturing sector grew last month and business confidence continued to rise.
Peter Hemington head of mergers and acquisitions at BDO said: "All of our indices moved in the right direction this month, suggesting that the new Bank of England governor Mark Carney has joined at an opportune time.
However one need only look at the last five years of zig-zagging economic growth and business confidence to know that sustained expansion will not be achieved easily."
Carney last week used his first ever forward guidance on monetary policy to indicate that interest rates would not rise from their historic low levels unless unemployment fell to 7% – which would require 750,000 jobs to be created.
theguardian.com
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