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The economic downturn of recent years affected economies across the globe, but the United Kingdom is one of those that are leading the race to economic recovery. There have been many signs over the last 4 years that a recovery is well underway, from falling unemployment, to raised house prices and increasing consumer confidence. A recent survey by the CBI confirmed that UK business growth was at its highest level in ten years. Here, Glowing Global review the survey, and consider the implications for businesses nationwide.
“It’s been obvious to those of us within the world of business that a real and sustainable recovery is taking place”, said Ricco Katona, director of Glowing Global. “The CBI survey is further affirmation of this. It’s exciting news for businesses across all sectors, but entrepreneurs have to ensure that they’re ready to make the most of the new opportunities that are out there.”
The survey by the Confederation of British Industry asked a large sample of 726 companies about their recent financial performances. The results made very heartening reading for entrepreneurs across the UK. The survey showed the strongest rate of growth ever seen by the poll. The survey itself was started more than ten years ago, at a time of economic boom, thus making the figures even more impressive. On the back of this survey, the British Chamber of Commerce has revised its forecast for growth in 2014 upwards from 2.8% to 3.1%, and they are also predicting this growth to continue into 2015 and 2016.