The National Institute of Economic and Social Research (NIESR) monthly estimates of GDP suggest that output grew by 0.3 per cent in the three months to the end of August 2016, after growth of 0.4 per cent in the three months to the end of July 2016. When compared to recent history, economic growth in the UK for the year to date has been subdued, and the economy has been flat since April.
With this stalling growth rate, the report goes on to say that "the probability of a technical recession before the end of 2017 remains significantly elevated."
Whilst this new information is concerning, due to size and the nature of their businesses, with the right professional advice SMEs have the advantage of being able to be flexible and quick to respond to changing market conditions.
At Beavis Morgan, we work with SMEs and owner-managed businesses across a range of sectors, so you can rely on our detailed understanding of the challenges businesses face and our ability to advise on strategy and assist in making those all-important business decisions that will have the greatest impact on future success.
For more information about how we can help you and your business, contact Steve Govey or your usual Beavis Morgan Partner.