Clearview Midlands June 2014 - Issue 151 | Page 38

INDUSTRYNEWS

UK economy heading
‘back to normal’ Says
Bank of England
The Bank of England has
upgraded its growth forecasts
for next year, saying the
economy “has started to head
back towards normal”.

‘It’s a real
achievement, but
not the end goal’

Its latest inflation report predicts
growth of 2.9% next year, up
from its 2.7% forecast three
months ago.
It has, however, left its forecast
for this year unchanged at 3.4%.
Governor Mark Carney also said
the economy had “edged closer”
to the point when interest rates
would need to “gradually rise”.
But Mr Carney reiterated that

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Stand:

128

increases would be “gradual”
and that the rate “may stay at
historically low levels for some
time”.
“Securing the recovery is like
making it through the qualifying
rounds of the World Cup - it’s a
real achievement, but not the end
goal. The prize in the economy is
sustained and prolonged growth,”
he added.

The Bank has now also
predicted the unemployment rate
will fall to 5.9% in two years,
compared with its prediction last
year that the rate would remain
above 7% for some years.
The forecast upgrade followed
the latest official jobs data
showing the unemployment rate
was 6.8% in the three months to
March.

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Small businesses ‘at the
heart of government’s
long term economic plan’

Small businesses throughout
the country are at the heart
of government’s long term
economic plan, Skills and
Enterprise Minister Matthew
Hancock (pictured) told the
Federation of Small Businesses
(FSB).
Addressing the 40th annual
FSB conference in Manchester
recently, Mr Hancock set out the
steps the government is taking

38

JUN 2014

to link small and medium-sized
businesses with the development
of policy.
The measures he outlined
complement and support the
growing confidence highli ghted
in the FSB members’ survey this
year, which shows that more
companies have aspirations to
grow and expand than at any time
in the past two years.
Mr Hancock said:
“Small businesses are the
lifeblood of our economy and
with two-thirds preparing to
expand, it is our desire to make
sure they have everything they
need to thrive. Small businesses
should influence and inform
government on what advice
and support works best for

them, so I’m pleased to be able
to announce further measures
that allow them to provide their
input.
“In launching our search for two
new Entrepreneurs in Residence,
we are asking for business people
to tell us what more we can do,
and I hope the programme proves
to be as popular as it was last
time.
“It is an essential part of our
long term economic plan that
businesses are given the right
environment to achieve their lofty
ambitions.”
John Allan, National Chairman,
Federation of Small Businesses
(FSB) said:
“The FSB welcomes this
ongoing focus on small businesses

at the heart of government, and
especially efforts to sharpen up
the support offered to them.
Maximising the expertise business
schools offer can only enhance
growth prospects for small
firms, and the development of
growth hubs should provide a
much clearer signposting of the
wide range of support there is
available.”
The Minister also welcomed
the launch of a growth hub in
the South East Midlands, which
will nurture small business in the
region, and credit the success of
the government’s Start Up Loan
programme, which has offered
15,000 loans worth more than
£80 million to aspiring business
people

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