Business confidence in the UK has reached new heights, as revised growth figures from the European Commission show signs of continued positivity.
The spring forecast saw the Commission raise its growth figure to 2.7% for 2014 (up from 2.5% in its previous forecast), while the forecast for 2015 also improved.
Growth is set to become ‘ingrained’ and the latest figures showcase Britain’s position as one of the world’s leading economies.
“Growth is expected to become firmly established…and its composition is expected to broaden,” said the EC.
Britain leading the way
Of the world’s advanced economies, only Sweden is expected to grow at a faster rate, as many people across Britain can slowly appreciate the recovery.
The strong rates witnessed in 2014 so far paint a positive picture for UK businesses that will be keen to put the difficult years experienced during the recession well behind them.
This is highlighted by a record high in business confidence, according to the Institute of Chartered Accountants in England and Wales.
It marks the second quarter in a row that confidence has been at a record high, with respondents to the ICAEW survey suggesting nearly half a million private sector jobs will be created in the next 12 months.
“The recovery is becoming more solid,” said Michael Izza, chief executive of ICAEW. “Employment growth is accelerating and salary growth is now keeping pace with inflation.”
A positive picture for businesses and consumers
At the same time, accountancy firm PricewaterhouseCoopers has also revised its economic forecasts by 0.2%, pushing the UK ahead of America, Australia, Japan and Germany.
This further backs-up suggestions from the International Monetary Fund that Britain will be the fastest growing economy among the G7 countries this year.
The high rates of business confidence point to a period of increased investment and development among all types of companies in the UK.
However, money management remains important, especially when considering that consumer spending is expected to drive the majority of growth.
The need for businesses to keep a close eye on their finances
Modern businesses need to carefully plan spending and ensure that funds are available to cover potential outlays.
A prepaid card can be used to manage business expenses and represents a far cheaper option than traditional methods of receipt-collecting.
Some cards carry fees to open accounts, but even in these cases the money saved in administration costs should represent a significant saving.
The key points to note from managing expenses with a prepaid card are the potential to save both time and money – vital aspects of running a successful business.