Positive outlook for business in London as confidence builds up

FIRMS in the capital are enjoying a more positive outlook on the economy than their counterparts in the rest of the country, according to a survey.

The index, which is recorded by the Institute of Chartered Accountants in England and Wales (ICAEW) and Grant Thornton, came in at 19.9 for the second quarter, with a number over zero indicating an increase in confidence. The reading has risen since the first three months of this year, and was negative as recently as the third quarter of last year. The rest of the country’s business confidence is strengthening, registering a slightly smaller improvement at 16.7.

Business in London saw both turnover and exports rise by 3.8 per cent, and domestic sales rise by 2.8 per cent, over the past twelve months. Importantly, employers expect higher growth in all of these categories in the year ahead.