Business confidence in the UK is at its highest level since the 2010 general election. A report by the accountancy firm BDO shows that British businesses are anticipating this economic growth to carry on for the rest of this year and well into 2014.
The index ticked upwards from 98.0 in August to 100.7 in September, representing the highest level since April 2010. In comparison, the index was at 92.5 this time last year.
Any figure above 100 indicates that businesses expect yearly GDP growth over the next six months to outstrip the 2.4 per cent long-term average gained between 1992 and 2009.
The sub-indices for the services and manufacturing industries – which account for most of UK GDP – point to a strong improvement. Services rose to 98.6 in September from 97.7 for August, while the sub-index for manufacturing jumped to 103.6 from 100.7 in August.
BDO’s Peter Hemington commented: “With the recovery firmly established across the services and manufacturing sectors, it's encouraging to see the UK economy gearing up for a strong finish to 2013."
In a further positive sign, BDO says that inflationary pressures that have been hitting businesses costs have shown a steady decline over the past five months. The inflation index currently sits at 100.6 for September, down from 101.0 in August.
In a separate report, the UK’s service industry is growing at the fastest rate for 16 years, with third-quarter growth of 1.2 per cent expected. 
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