The UK economy is turning a corner – these were the reassuring words that came from Chancellor George Osborne last month, which will most certainly please contractors and business owners across the country.
Although during his speech in London, Mr Osborne acknowledged the fact that the recovery is indeed in the early stages and there are still some risks involved, he sated that there are ‘tentative signs of a balanced, broad-based and sustainable recovery.’
There is plenty of recent evidence suggesting that what Mr Osborne says is correct, for example, Barclaycard’s monthly analysis of UK pending revealed that the UK economy is firmly in recovery mode, as consumer spending grew considerably last month.
In fact, confidence among businesses has never been higher, with many believing that the economy is significantly improving – a recent report by BDO LLP found that business confidence has reached its highest level in three years.
Mr Osborne said, “The economic collapse was even worse than we thought. Repairing it will take even longer than we hoped.
“But we held our nerve when many told us to abandon our plan. And as a result, thanks to the efforts and sacrifices of the British people, Britain is turning a corner.
“Of course, many risks remain. These are still the early stages of recovery. But we mustn’t go back to square one. We mustn’t lose what the British people have achieved.”
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