An increasing number of businesses may try to access trade finance in the near future, as official figures have revealed that economic growth in the UK steadied in the three months leading up to December.
According to the Confederation of British Industry (CBI), the pace of this growth overall remained above average and experts are now predicted that it will speed up over the next quarter. While it continued to rise, it did so at its slowest rate since July of last year, reflecting a fall in expansion in business and professional services.
Director of economics with the CBI Rain Newton-Smith observed that tension in the Ukraine, Russia, and the Middle East, coupled with a weak Eurozone and slowing emerging markets will all prove concerning for those companies looking to expand.
“While lower oil and fuel prices will leave more money in the pockets of households and businesses, it is also making life difficult for major oil producers,” the expert went on to say.
This comes after the CBI’s Distributive Trades Survey revealed that retail sales growth expanded at its quickest paces for nearly 26 years for the two weeks ending December 11th. Sales are being predicted to climb less quickly in the year to January, but strong growth is still being forecast.
Best performers included grocers, furniture and carpets, and the Other Normal Good sector, which includes watches, jewellery and flowers).
Certainly, if you’re considering expanding in the next few months, such statistics are likely to be cheering. Why not look into alternative forms of finance to help you fund such growth?