Business Update – 26 June 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Businesses looking to expand indicates ‘tipping point’ in economy

The latest report from UK Finance shows “we have reached a tipping point in the economy”, displaying one of the more positive readings of SME finance in some time. The report, Business Finance Review 2024 Q1, found the first quarter of 2024 brought a material increase in gross lending to small and medium-sized enterprises of 15 per cent compared with the previous quarter.

UK inflation drops to 2% target for first time since 2021

British inflation returned to its 2% target for the first time in nearly three years in May, but strong underlying price pressures all but rule out a pre-election interest rate cut.

UK mid-sized business performance: picking winners

KPMG analysis of UK mid-sized businesses from 2017 – 2022 shows that the top performers were concentrated in the IT and finance sectors. These companies were more than twice as likely than average to be in the top 1% of performers. Financial services companies, alongside those in wholesale and retail trade, information and communication and administrative and support services, made up the majority (62%) of firms in the top 1% of turnover growth from 2017 – 2022.

Another unwanted title for UK economy

The UK has the lowest level of business investment among the world’s richest economies, according to new research, underscoring the challenges facing the next government in getting British businesses investing.

Election uncertainty pushes UK business growth to 7-month low

British businesses are expanding at the slowest pace since the economy was in recession last year, as some companies put big decisions on hold until after the country’s July 4 election, a survey showed on Friday.

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