There can be no doubt that the UK has been going through an age of austerity in the past few years after the banking crisis. Thankfully the country seems to have weathered the worst of the storm better than some others in Europe. Greece has been particularly hard hit and Spain and Ireland both saw their property markets collapse and unemployment levels rise.
At home, Britain has not been immune to troubles though and increasingly households have been feeling the pinch when it comes to rising energy bills and shopping expenses, whilst wages have stagnated. Both at home and at work, budgets have been tightened and cutbacks made.
However, the much vaunted green shoots of recovery look like they might finally appear with finance chiefs of Britain’s biggest companies becoming increasingly positive about future corporate growth, according to a new survey.
The quarterly survey by financial services group Deloitte claims that fears about economic and financial uncertainty have fallen to their lowest levels for two and a half years.
The company undertook a poll of 120 chief financial officers (CFOs) during March 2013 and their Chief Economist, Ian Stewart, explained that risk was decline despite “gloomy coverage”.
The fact that many large companies are becoming increasingly positive in their outlook when it comes to the UK economy is good news for SMEs and the self employed, but there are many practical steps that smaller businesses can take to make their own situations more stable.
Taking full control of finances via new developments in cloud accounting services is one way that a small business can take hands-on control. The ability to manage payroll services in house can lead to savings on outlay as well as bringing other advantages such as a greater awareness of cash flow.
Of course it isn’t just about business dealings; the state of play for personal finances is an all important factor in any possible recovery of the overall economy in the UK. If people don’t have any disposable income, then shops and retailers go under as the market for goods and services effectively dries up.
Although there are many negative aspects in play at the current time, such as escalating energy bills and stagnating wages, the fact that interest rates remain at historical lows means mortgage repayments are manageable and in many cases people are able to pay down some of their outstanding capital debt.