Partly Cloudy

Partly Cloudy

max temp: 18°C

min temp: 10°C

Search

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

One of Suffolk’s best-known and most prominent landmarks has been put up for sale with a price tag of £5million.

A coastal resort is to lose its Tourist Information Centre – because it is not being used enough.

Stopping a particularly high spring tide from flooding Ipswich is, on paper, relatively simple, writes John Norman, of The Ipswich Society.

A nine-year-old boy from Suffolk is preparing to fly to Rome for a once-in-a-lifetime opportunity – where he will sing for the Pope.

A 62-year-old motorcyclist who died at the scene of a two vehicle collision near RAF Barnham on Thursday has been named as Peter Hancock from Sudbury.

It’s been nearly 50 years since women workers at Ford’s Dagenham plant went on strike for equal rights, writes Wayne Savage.

Police have released an e-fit image of a man they want to speak to in connection to a burglary in Braintree.

A fire engine from Ipswich’s Princes Street station was called to extinguish a fire in a pile of rubbish this morning.

Daniel O’Donnell superfans queued up at the Regent Theatre in Ipswich this morning to grab a ticket to see their idol - some getting there as soon as 5am to secure a seat near the front.

Jeremy Corbyn has been re-elected as the leader of the Labour Party.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

MyDate24 MyPhotos24