Britain’s economic growth was left unchanged at 0.1 percent in the first quarter, according to official figures. This was far below expectations, with low inflation expected to have encouraged an upturn in economic activity.
While the political climate in Britain is murky, the economic picture is looking a little brighter. Inflation has faded, and so has the possibility of an interest hike from the Bank of England. The accelerated wage growth has also boosted household budgets, hopefully improving consumer confidence in the long run. These positive developments have yet to make an imprint on the landscape, with the economy simply not growing quick enough.
According to new data from the Office for National Statistics (ONS), economic growth in the first quarter of 2018 was far below expectations, with its pace recorded as record-slow. Despite the larger wage packets, consumers are still not spending, and the ONS reported a mere 0.2 percent rise in household spending within the first three months of the year. This could create concern for retailers, who have suffered from low customer turnout and lower profits.
The health of the economy is directly linked to the prosperity of individual businesses, with strong profits inspiring a stronger overall economic performance. Unfortunately, with the persistent torment of late payment and the reluctance of large businesses to alter payment behaviour, business owners are forced to surrender to insolvency practitioners to save their reputation.
At the Credit Protection Association, our debt recovery and credit management services not only provide our members with extra cash but clean away any residual debt and late payment and improve our members’ finances for the better.