SJD Accountancy

UK Contractors: Business activity remains strong

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Contractors and Limited company business owners will be pleased to hear that a recent report has shown that there has been a strong increase in business activity across the country.

The recent report carried out by Lloyds Bank has shown that during January, all nine English regions and Wales made a positive start to 2014.

The latest Lloyds Bank Commercial Banking Regional PMI (Purchasing Managers’ Index) report found that both private sector output and employment rose strongly last month.

At 59.1 in January, down from 60.0 in December, the headline index measuring overall business activity across the English regions remained above the 50.0 mark, signalling growth for the fifteenth consecutive month.

The South West (62.8) was the best performing of the English regions during January, followed by the South East (61.5) and West Midlands (60.9). Companies in the East Midlands recorded the weakest growth of business activity at the start of 2014 with a reading of 56.2. 

Meanwhile, the activity index for Wales remains broadly consistent at 58.2 in January, from 58.4 in December. This was the eighteenth successive month that the reading was above 50.0 mark, highlighting the continued strong business activity growth.

Tim Hinton, Managing Director, SME & Mid Markets Banking, Lloyds Banking Group, said, “Growth in business activity across England and Wales has continued into 2014, with momentum only dropping off slightly from the final quarter of last year. 

“There are also signs that confidence in the economic outlook is on the rise amongst businesses. This positive sentiment will be a key factor in spurring investment and recruitment over the year ahead, which will support the ongoing economic recovery.” 

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