Back in the groove! UK economy set for growth in 2014

uk economyThe CBI’s most recent economic forecast has provided a welcome boost to UK business, with growth throughout the rest of 2013 forecast, and set to continue into 2014.

The progression of growth quarter on quarter of some 0.4% means an end to flat business confidence, as global economic concerns receded somewhat.

However, the CBI is also cautionary in what is still an uncertain economic climate, pointing out that consumer confidence remains fragile even as credit conditions improve. Momentum in the Eurozone is also lacking, although 2014 should also see improvement in economic fortunes, with 5% growth expected.

The UK service sector, which accounts for some 75% of the economy, has shown signs of solid growth, the most since March 2012. Staff hiring has increased, not just with focus on current workloads, but also with an anticipated upturn in work in the months ahead as well.

Hannah Havekin of PayMatters, a firm specialising in providing tax compliance and payroll advice to contractors, sees the latest economic news as a boom for UK contractors.

‘There is no doubt contractors prospects will have been buoyed by the latest news from the CBI. Although overall business investment will remain somewhat muted, the potential for business escalation in 2014 is clear, and will result in an upturn in terms of more projects and contract opportunities for contractors. It’s a good overall feel to know that the economy is certainly on a firmer footing than it has been for sometime.’

PayMatters are APSCo accredited, professional passport approved and are business partners with the Institute Of Recruiters (IOR). PayMatters pride themselves on being fully HMRC compliant from an employers and employees NI, PAYE and expense perspective. For further information please contact Hannah Havekin, Business Development Manager on 07787 428 456,