Guest Guest 47403 Posted March 10, 2014 Share Posted March 10, 2014 Good news for the UK economy, should have the knock on effect of strengthening the £ against the Aus$ hopefully. The size of the overall UK economy will this summer overtake the peak level it was at before the 2008 financial crisis, a business lobby group says. The British Chambers of Commerce (BCC) thinks the second quarter, starting in April, will see GDP exceed the level seen at the start of 2008. In upgraded forecasts, it estimates economic growth will be 2.8% this year - up from its earlier estimate of 2.7%. But it also warns of an "unacceptably high" level of youth unemployment. 'Sunny predictions' "Our economic recovery is gaining momentum," said BCC director general John Longworth. "Businesses across the UK are expanding and creating jobs, and our increasingly sunny predictions for growth are a testament to their drive and ambition." Consumer spending will be a major driver of economic growth for the next three years, the BCC says In December, the BCC forecast economic growth would reach pre-recession levels by the autumn. It has also upgraded its growth forecast for 2015, from 2.4% to 2.5%. These more optimistic forecasts, the BCC says, are mainly due to upward revisions to historic GDP data by the Office for National Statistics (ONS). The group also predicts the first increase in UK interest rates will come at the end of 2015, rising from their historic low of 0.5% to 0.75%. 'Major issues' It expects further modest increases will see the rate rise to 1.5% by the second half of 2016. But Mr Longworth warned it was not "time to break out the champagne glasses just yet". He added: "Major issues remain, such as the unacceptably high level of youth unemployment. "We urge the chancellor to use this month's Budget wisely by incentivising businesses to hire young people so that the next generation of workers are not left behind." He also called for more business investment and better access to finance for companies. The BCC forecasts are echoed in a separate report, from accountants BDO. It says strong growth is being helped by increased optimism and improved hiring intentions, particularly in manufacturing. Budget backdrop Like the BCC report, BDO's analysis predicts wages will grow above the level of inflation from the middle of this year. Separately, in a report on business confidence, the Federation of Small Businesses (FSB) said one in seven smaller companies wanted to create jobs in the next three months. The upbeat forecasts come the week before the Budget The FSB also said a growing number of companies were getting access to finance. The upbeat reports follow encouraging economic data in recent months, and provide a positive backdrop to Chancellor George Osborne's Budget announcement on 19 March. He is expected to announce an upgrade to UK growth forecasts from the Office for Budget Responsibility (OBR). In December's Autumn Statement, the OBR forecast growth of 2.4% for 2014. http://www.bbc.co.uk/news/business-26504691 Link to comment Share on other sites More sharing options...
Guest51810 Posted March 10, 2014 Share Posted March 10, 2014 Good news Link to comment Share on other sites More sharing options...
wakeboard1980 Posted March 10, 2014 Share Posted March 10, 2014 Haven't read the story fully, but heard it briefly on the radio this morning. I have always said that a bit of positive news always helps. Hopefully this is what people need to get that confidence back. Link to comment Share on other sites More sharing options...
KIRK AND CO Posted March 11, 2014 Share Posted March 11, 2014 Haven't read the story fully, but heard it briefly on the radio this morning. I have always said that a bit of positive news always helps. Hopefully this is what people need to get that confidence back.never went away. Link to comment Share on other sites More sharing options...
jjgibbs Posted March 11, 2014 Share Posted March 11, 2014 never went away. for some Link to comment Share on other sites More sharing options...
abz123 Posted March 11, 2014 Share Posted March 11, 2014 The upbeat forecasts come the week before the Budget Good news if it is true, but call me a cynic with the timing. Link to comment Share on other sites More sharing options...
wakeboard1980 Posted March 11, 2014 Share Posted March 11, 2014 never went away. there was a hell of a lot of confidence missing, certainly in the building industry there were a lot of people hanging onto their money. Link to comment Share on other sites More sharing options...
fensaddler Posted March 11, 2014 Share Posted March 11, 2014 Unfortunately the reporting appears to be economically and mathematically illiterate, or at best poorly written. Does it mean the growth rate is back to 2008 levels, or that the overall size of the economy is back to 2008 levels? I think the latter is highly unlikely. Link to comment Share on other sites More sharing options...
KIRK AND CO Posted March 11, 2014 Share Posted March 11, 2014 there was a hell of a lot of confidence missing, certainly in the building industry there were a lot of people hanging onto their money.teeth & hair dressers there is always a demand a conservatory or any building work mostly can be done whenever. Link to comment Share on other sites More sharing options...
Guest Guest 47403 Posted March 11, 2014 Share Posted March 11, 2014 there was a hell of a lot of confidence missing, certainly in the building industry there were a lot of people hanging onto their money. Looks like there were a hell of a lot with there head in the sand also, just wishing it would go away. Link to comment Share on other sites More sharing options...
KIRK AND CO Posted March 14, 2014 Share Posted March 14, 2014 Looks like there were a hell of a lot with there head in the sand also, just wishing it would go away.And some used the situation to there advantage by buying at low prices taking advantage of low interest rates and then siting back and watching the prices rise back to 2008 levels. Link to comment Share on other sites More sharing options...
Guest Andy Posted March 14, 2014 Share Posted March 14, 2014 And some used the situation to there advantage by buying at low prices taking advantage of low interest rates and then siting back and watching the prices rise back to 2008 levels. I am assuming you were one of them Kirk? Link to comment Share on other sites More sharing options...
KIRK AND CO Posted March 14, 2014 Share Posted March 14, 2014 I am assuming you were one of them Kirk?Not that person anymore what you have or have not is your buisiness and yours alone. Link to comment Share on other sites More sharing options...
newjez Posted March 14, 2014 Share Posted March 14, 2014 Lots of people splashing money around where I live (I'm not one of them - but even I have to spend money maintaining the house). Quashqui's seem to be flavour o the month. 74mpg 4wd is not to be sneezed at. Link to comment Share on other sites More sharing options...
kungfustu Posted March 14, 2014 Share Posted March 14, 2014 Lots of people splashing money around where I live (I'm not one of them - but even I have to spend money maintaining the house). Quashqui's seem to be flavour o the month. 74mpg 4wd is not to be sneezed at. I took one of those for a test drive recently......not my cup of tea.....the wife really likes them.....they are 2 a penny.....it seems everyone is buying them but I wasnt that impressed with it, the petrol is only a 1.6 and frankly it is gutless....its a quite a big car and I think it needs a bit more under the bonnet.....loaded up with 5 people and luggage you are going to struggle to get it off the drive....I think the diesel is only a 1.5......saying that they have just released a new version so they may have improved on the power output. Link to comment Share on other sites More sharing options...
Guest Guest 47403 Posted March 14, 2014 Share Posted March 14, 2014 And some used the situation to there advantage by buying at low prices taking advantage of low interest rates and then siting back and watching the prices rise back to 2008 levels. Some people will always benefit from the misfortune of others. Link to comment Share on other sites More sharing options...
KIRK AND CO Posted March 17, 2014 Share Posted March 17, 2014 Some people will always benefit from the misfortune of others.If they are selling & you are buying how can it be a misfortune ???? if you are buying at market value at that time then what is the problem. I like the like you got very pridictable lol. Link to comment Share on other sites More sharing options...
fourcorners Posted March 19, 2014 Share Posted March 19, 2014 I took one of those for a test drive recently......not my cup of tea.....the wife really likes them.....they are 2 a penny.....it seems everyone is buying them but I wasnt that impressed with it, the petrol is only a 1.6 and frankly it is gutless....its a quite a big car and I think it needs a bit more under the bonnet.....loaded up with 5 people and luggage you are going to struggle to get it off the drive....I think the diesel is only a 1.5......saying that they have just released a new version so they may have improved on the power output. My Dad has had a diesel one for a couple of years, it is gutless, especially when he uses it to pull a motorbike trailer up and down the A30 in Cornwall! But mainly they just use it for taking the dogs for walks and the fuel economy suits them very well. That said their other car is a Cube, so I don't put much faith in his ability to choose good cars these days! Link to comment Share on other sites More sharing options...
Bibbs Posted March 19, 2014 Share Posted March 19, 2014 Tories sorting the mess out again. Well done Osborne and chums. Link to comment Share on other sites More sharing options...
kungfustu Posted March 19, 2014 Share Posted March 19, 2014 Tories sorting the mess out again. Well done Osborne and chums. It should be interesting......tax breaks on the agenda I would have thought.....they will need to start giving back now if they have any hope of staying in power next time round.....lets see what happens. Link to comment Share on other sites More sharing options...
wakeboard1980 Posted March 19, 2014 Share Posted March 19, 2014 My Dad has had a diesel one for a couple of years, it is gutless, especially when he uses it to pull a motorbike trailer up and down the A30 in Cornwall! But mainly they just use it for taking the dogs for walks and the fuel economy suits them very well. That said their other car is a Cube, so I don't put much faith in his ability to choose good cars these days! He's a dad remember Link to comment Share on other sites More sharing options...
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