2013 was a good year for the economy in the UK going against the
swathe of negativity that has surrounded the economy for the previous 6
years. Unemployment rates dropped, businesses were reported to be more
forthcoming as to their ambitions and aims to take on debt investments.
It was perfectly highlighted in the BoE report in Sept 2013 when the UK
was labelled 'the fastest growing economy in Europe'. So what can
the UK expect in 2014? An overriding factor will be the next general
election in 2015-a source for much financial debate as to whether the UK
will have a definitive party this time round. But, the vital signs
point to continued growth particularly after what was a healthy Q3/4 for
the nation.
One of the more underrated points is how the smaller and moderate sized businesses will fare this year. Towards
the end of last year, the Financial Times conducted several consecutive
surveys surveying several businesses that met those specifications.
Despite media portrayals and business commentary, many of these
businesses came back stating that they were now willing to take on debt
in order to find more success.
What's more is in the BoE report,
it highlighted that the demand and successful transactions for business
loans to SME's+MSB's was on levels not seen since prior to the 2008
banking crisis. It marks progress for businesses in which at the height
of the banking crisis in 2008/2009, many business owners were vocal in
their lack of financial approval from the banks.
Nonetheless, in
terms of business support-2014 will be described as by many another year
of calm, cautious optimism. The economy in the UK has improved
considerably since the 2012 Olympics and the feeling among businesses
of all sizes has improved immeasurably. The threat of recession seems
less likely than the rate of unemployment falling below 7% which would
trigger the BoE to increase interest rates.
While some businesses
are still struggling, it is an undoubtedly better period for businesses
and the UK economy. Business loans are now more widely available through
governing bodies and non-governing bodies as well as business services
companies that support businesses.
There are still some issues but put aside, the UK looks far better than what it did when the Coalition came to power.
Businesses
can continue the way in which they left 2013-improving and being
optimistic about the year. With better financial support in place, the
UK is moving in the right direction.
What Can The UK Expect in 2014?
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