Figures released by the Office of National Statistics (ONS) show that the two key contributory factors to the boost in the UK economy ahead of the vote to leave the European Union include:
- Strong consumer spending in the April-June period, which saw growth of 0.9% from the previous quarter; and
- A rise in business investment, which increased by a stronger-than-expected 0.5% in the quarter having fallen in the first three months of the year.
Commenting on the findings, a spokesperson for the ONS said: "Our survey returns, which include the period leading up to and immediately following the referendum, show no sign so far of uncertainty having significantly affected investment or GDP."
The ONS has kept its estimate for UK economic growth at 0.6% for the second quarter, unchanged from the initial reading, with economists feeling that the UK has entered the post-referendum period “with good momentum”.
This is positive news for UK SME’s, even though it may be a long time before the true effects of Brexit are known. It is however essential now more than ever for business leaders to be adaptable, whether by embracing innovation, adapting their products, adjusting their business models, transforming their teams or improving their bottom lines. At Beavis Morgan we work with a wide range of businesses of all sizes and across many different business sectors, whether it be strategic planning, system implementation, business turnaround or improving business performance for the future. For further information about how we can help you and your business, contact Steve Govey or your usual Beavis Morgan Partner.