Sunny

Sunny

max temp: 20°C

min temp: 13°C

ESTD 1874 Search

The pigs are coming. Find out more about

Pigs Gone Wild

here.

East Anglia: Business confidence on the rise, ICAEW/Grant Thornton study shows

13:59 15 January 2014

Philippa Bourne, East of England regional director for the Institute of Chartered Accountants in England and Wales (ICAEW).

Philippa Bourne, East of England regional director for the Institute of Chartered Accountants in England and Wales (ICAEW).

Archant

The UK’s economic recovery is being reflected in increased confidence levels among businesses in the East of England, a new survey suggests.

According to the latest ICAEW/Grant Thornton UK Business Confidence Monitor, business confidence within the region now registers on the survey index at plus 25.9, up from plus 6.7 this time last year.

However, although confidence in the region has been on a general upward trend since the third quarter of 2012, it still remains slightly below the UK national average of plus 31.7.

During the past quarter, firms in the region reported a 4.9% uptick in annual turnover growth, well up compared with 2.6% a year go, and this trend is expected to continue with growth predicted to rise by 5.2% over the coming 12 months.

Companies also saw sales volumes and gross profits grow by 4.2% and 4.3% respectively over the previous year, a strong performance which is also expected to continue over the next year with forecast growth of 4.9% for sales volumes and 3.8% for gross profits.

Businesses reported exports increasing year-on year by 5.6%, following a general upward trend from just 1.7% in the first quarter of 2013, and a further strong increase of 5.0% is predicted for the year ahead.

This is broadly in line with expectations for domestic sales which are projected to rise by 4.9% over the coming year. suggesting a balanced recovery with demand from both domestic and overseas markets. Philippa Bourne, East of England regional director for ICAEW (the Institute of Chartered Accountants in England and Wales), said: “This quarter’s report shows that the UK economic recovery is well underway.

“If it continues at this rate, the UK economy will be one of the fastest growing economies in the western world in 2014. However, we cannot be complacent and all of us need work hard to maintain the momentum built up this year.”

Paul Naylor, practice leader for Grant Thornton in Cambridge, added: “These figures reflect a tangible upsurge in confidence that we have seen in the East of England and provide a very encouraging start to the new year.

“All efforts must now be focused on nurturing this growth to ensure the region, and the UK as a whole, maintains these positive recovery levels.”

0 comments

John Dugmore

Campaigners from the business community on both sides of the EU membership debate were agreed yesterday on the need for the Government to make stability its top priority in the wake of the vote for Brexit.

Keith Senior is pictured at Jacobs Allen in Bury St Edmunds

Concerns have been raised about how Thursday’s decision to quit the EU will affect mortgage rates and foreign travel.

Barry Chevalier Guild of Aspall Cyder

One of Suffolk’s oldest and most successful family businesses has been given permission to expand its operations – despite community concerns it has already outgrown the hamlet from which it takes its name.

SIMS - Max Shelley and Sam Parnell

Ask the experts and become better at social media!

Building work at Beardmore Park, Martlesham Heath.

Major plans for a new £8million retail estate in Martlesham Heath, including DIY store Wickes, and scores of new jobs have been confirmed.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

Great British Life

Great British Life
MyDate24 MyPhotos24