UK economy keeping it together, just

I have been closely tracking the ICAEW’s Business Confidence Monitor report ever since the UK economy first plunged into crisis back in 2007/8. The latest report for Q1 has just broken cover and reports that UK confidence is just about keeping on the right side of chipper in spite of the unwelcome relapse in GDP in Q4 2010.

It’s been a couple of months since I looked at the wider UK economic data, so I’m intrigued to discover whether the UK’s seasonal January company formations peak recurred in 2011.

3 Comments

Sean Price
March 2, 2011 at 3:32 am

Keeping it together is that another way of saying – we are trying our damned best?

I find this sort of information very interesting to read about, after discussions with a handful of our clients its interesting to see that back in 2007/2008/2009 when most people were getting hurt by it all most of our clients were riding it very well. However as talking to some clients and friends who own businesses those who “rode” through the worst of it are finally now starting to feel the pinch.

I would be interested in hearing other peoples thoughts on this matter?

Gary Turner
March 2, 2011 at 3:43 am

Sean – thanks for the comment – I think what we’re probably seeing now is the progressive effect of weaning us off the government’s support measures and the cuts in public spending beginning to impact. The economic pain relief is being gradually withdrawn and the hard graft of rehab is beginning – a double dose of reality.

Unemployment is still high, and probably still has some way to climb, but in general the people I speak with are gritting their teeth and working through, having made the most painful cost adjustments a couple of years ago.

Sean Price
March 2, 2011 at 7:50 am

Gary thanks for that, I think your right and speaking to clients who are only now feeling the effects are gritting their teeth, pulling back on spending and I believe will get through this.

Of course using Xero I can keep on top of everything easily which is nice. Just waiting on those mobile apps now. :-)

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