Confidence is improving but growth remains elusive
industry: Business confidence is improving, as the BDO Optimism Index increased by 1.7 points this month following its 21-year low reading in January, according to the latest Business Trends report by Yorkshire accountants and business advisers BDO LLP.
Despite this increase, businesses still do not anticipate growth in the next two quarters and a sharp increase in the BDO Inflation Index points to further pressure on businesses bottom lines.
BDO's Optimism Index, which predicts business performance two quarters ahead, increased to 90.6 in February from 88.9 in January, the biggest increase in the index for five months.
In spite of this increased optimism, the overall picture remains bleak, with the Optimism Index remaining well below the 95.0 mark that indicates growth.
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Ian Beaumont, partner and head of BDO LLP in York- shire, said: "We encourage the Monetary Policy Committee to increase its quantitative easing programme but the Government needs to take further action to ensure funding goes to where it is most needed – to British business and to the housing market."
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