Supporting news came for the British Chambers of Commerce who announced the results of their Q4 2013 survey this morning. Headlines are that manufacturing and services are both seeing improving performance. David Kern BCC Chief Economist said:
"The upbeat results of our survey, with most Q4 key balances higher than their 2007 pre-recession levels and some at their all-time highs, suggest that the UK recovery will continue to strengthen further in the short term. In our recent economic forecast we have predicted 0.8% quarterly GDP growth in Q4 2013, after 0.8% in Q3. On the basis of this survey, our Q4 growth may be upgraded to 0.9%, and this may lead to higher full-year growth for both 2013 and 2014."
Confidence is a pre requisite for investment and more international investment is likely to flow to the UK given the improving economic backdrop, currently the best of any major European country. Given Jersey is already the gateway for more than 5% of FDI into the UK this is encouraging news. We are likely to see more new business as the confidence indicators convert into business decisions.