SJD Accountancy

UK Contractors: Businesses optimistic about future prospects and economy

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UK business owners, such as Limited company contractors, are showing increased levels of confidence, finds a recent Lloyds Bank report. 

Latest findings from Lloyds Bank’s Business Confidence Barometer revealed that many UK companies have shown increased confidence at the start of 2014, with improvements both in companies’ attitudes towards the UK economic outlook and their own trading prospects. 

The net balance for economic prospects, which weighs up the percentage of firms that are now more optimistic about the economy than they were three months ago, increased by 15 points to return to last October’s all-time high of 63.  This net balance is comprised of 72% of companies who reported greater economic optimism, with 9% who cited more pessimism. 

According to Lloyds Bank, these increases point towards the economy continuing to expand at a robust pace. 

This is great news not just for Limited company owners, but for contractors too, as figures show that the employment index has also strengthened.  Latest trends in the survey suggest that the proportion of companies expecting to increase their staff levels over the coming year continue to rise. 

Of those surveyed, 42% of companies in the last three months anticipate an increase in their staff levels over the coming year, continuing the upward trend that began in the middle of 2013, with only 5% of businesses expecting staff levels to fall. 

Trevor Williams, Chief Economist, Lloyds Bank Commercial Banking, commented on the findings, “This month’s improvement in firms’ own trading outlook and confidence in the economy point towards the UK economy maintaining its solid pace of growth in early 2014.” 

Considering making the switch from working as a permanent employee to a contractor? Then read our free downloadable guide to moving from permanent to contracting, you may also find our advantages and disadvantages of a Limited company page useful. 

For further advice Freephone our New business team on 01442 275789, book a one to one meeting or email your enquiry to newbusiness@sjdaccountancy.com.

For all other news please visit our Contractor News hub, or why not join us on Facebook and follow us on Google+ for all the latest contractor news, views, debates and competitions. 

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