Towards the end of last year, the UK’s economic conditions took a turn for the better, with the government announcing that the country had finally entered a long-awaited economy recovery following the lengthy recession. Recent reports have indicated that these positive changes are currently in full swing, as economic experts have predicted further improvements.
According to an article released by the BBC, the UK’s GDP levels are set to exceed the healthy pre-recession levels of 2008 by the second quarter of the year. Statistics show that this remarkable improvement has led to previously set forecasts being upgraded, with the previous 2.7% annual economic growth estimation being raised to 2.8%. The optimistic predictions continue, and now the 2015 growth forecast has been upgraded from 2.4% to 2.5%.
Since spending confidence had critically dropped, interest rates had been reduced to an all time low of 0.5% to encourage personal and corporate spending. However, the BBC news article indicated that the Business Chamber of Commerce predicted that, by 2015, the UK would experience the first increase in interest since the recession. Yet again, the bar was set high with a 0.25% increase forecasted.
Further positive predictions are set to be made on the 19th of March, when Chancellor George Osborne makes the annual Budget announcement. The UK’s economy is undoubtedly bright for the foreseeable future, and for aspiring entrepreneurs this is the perfect opportunity to make an entry into the markets, as the economic recovery has lowered the barrier to entry in many industries. Furthermore, funding companies are now more reluctant to provide capital, as new businesses have an increasingly strong chance of survival as they go against the already established forces.
Entrepreneurs have noticed this invaluable opportunity, and many of these aspiring business people are now utilising this chance to build their businesses. It is true that this process of forming a business can be very complicated, and this is why companies like us at Formations Direct are available to offer you the necessary support. We offer an extensive array of services, including limited company formation, which we provide through our highly skilled team of employees. Our services are provided to business people from many industries, so if you need more information regarding what we do please feel free to contact us.