Today's British Chamber of Commerce figures suggest that British business is over the worst of the recession. Let's hope they've got that right.
The survey data from 5,600 companies shows progress in both the manufacturing and service sectors with most key indicators improving in the last quarter.
Looking more closely at the data however I wonder how much of this is just trying to talk ourselves out of the problem. Not that I am against that - afterall some businesses I think certainly talking themselves into one!
In their press release the BCC say: "The most encouraging feature of the Q2 results is a marked strengthening in confidence following sharp declines over the previous two quarters. Turnover confidence has now entered positive territory for the first time since Q3 last year and it has improved dramatically for manufacturing firms, rising 40 points from -38 in Q1 to +2 in Q2. "
So it's all about confidence and the BCC is calling for the Government to nurture that confidence by carefully reviewing it's policies on taxation and red tape. Certainly, as we've commented before (Less red tape head?) , the amount of red tape in some industry sectors makes profitable business almost impossible, so we welcome anything that will make things easier for the struggling owner manager.
Let's see how the Government react to the BCCs call for support - and let's hope they are right in claiming that the worst of the recession is well and truly over.
Gary Cousins
Business Solicitor
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