Exporting on the rise but pace of economic growth ‘too slow’

Small and medium-sized businesses are growing but the pace of activity remains weak, the British Chambers of Commerce (BCC) has said.

Results from the business group’s Quarterly Economic Survey for Q2 2012, suggest that there has been little change in domestic activity, although there was an increase in exporting activity among both the service sector and manufacturing firms.

‘While domestic growth continues to bump along the bottom, the silver lining is an increase in firms looking for export opportunities, and in many cases, with countries outside Europe,’ said John Longworth, director general of the BCC.

Despite the upturn in exports, the survey shows that confidence among businesses remains lower than before the recession in 2007.

The data also reveals a mixed picture on unemployment. While the number of service sector firms looking to take on more people increased, the number of manufacturers seeking to expand fell.

Following the results, the BCC warned that the pace of economic growth is too slow for a sustainable recovery and has called on the Government to take further action to boost the economy.

Commenting, Mr Longworth said: ‘Growth cannot wait. The Government must take an imaginative and brave approach to stimulating the economy and helping businesses thrive. Headline-grabbing U-turns on fuel duty are not enough to get the economy back on track.

‘The creation of a business bank, for example, would ensure that new and growing companies can access the finance they need to invest in new products and services, export to new markets, and take on more staff’.

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We are a firm of Accountants based in Harrow, Middlesex offering tips and tax advice to help sole traders, individuals and businesses in the UK grow. We'll also keep you up-to-date with the latest tax news hitting the headlines! We hope you find our blog helpful and appreciate any feedback.

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We are a firm of Accountants based in Harrow, Middlesex offering tips and tax advice to help sole traders, individuals and businesses in the UK grow. We'll also keep you up-to-date with the latest tax news hitting the headlines! We hope you find our blog helpful and appreciate any feedback.

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I offer a comprehensive financial planning service covering all aspects including retirement planning, protection and investment needs

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