According to the Confederation of British Industry’s (CBI) latest Growth Indicator, the first of 2017, private sector growth eased in the three months to January 2017.
The survey of 753 respondents across the manufacturing, distribution and service sectors showed that growth eased mildly to a balance of +10 per cent, below December’s reading of +17 per cent. The figure was similar to the +9 per cent rise in November and +8 per cent in October.
Across the sectors the previous three months saw mixed results, with retailers reporting “decent growth”, manufacturing output “robust”, and the service sector volumes "remaining unchanged".
The CBI added that expectations were for growth to continue at a similar pace over the next three months at +12 per cent.
Rain Newton-Smith, CBI Chief Economist, comments: “Resilience has been the hallmark of the UK economy since the EU Referendum.
“But higher inflation is on the way, which will erode consumer incomes, while the impact of uncertainty since the referendum may cause investment spending to slow this year.
“While businesses are committed to making a success of Brexit, making progress on improving the UK’s productivity remains the number one priority.
“By working in partnership with the Government, business is keen to play its part in ensuring prosperity can be shared more equally right across the UK.”
Beavis Morgan – advisers to Britain’s SMEs
At Beavis Morgan, we specialise in working with SMEs and entrepreneurial people across a wide range of sectors, providing guidance and strategic advice to help in formulating plans for your business in order to strengthen its prospects of success, achieve growth and maximise wealth, all particularly relevant in light of the current economic challenges.
If you would like to find out more about how we can help you plan your business efficiently and navigate the maze of tax issues for you and your company, whilst taking advantage of the various tax incentives available, contact Steve Govey or your usual Beavis Morgan Partner.