Business output soars to highest level in nearly two years - marking a 'turning point' for UK economy

Business output has soared to the highest level in nearly two years – marking a ‘turning point’ for the UK economy.

Research showed that business activity rose for the second successive month in March.

Accountancy firm BDO said its output index climbed to 103.39 – the highest since May 2022. Above 95 indicates growth.

The rise was driven by falling inflation – recorded at 3.4 per cent in February – but experts said ‘we’re not out of the woods yet’ as measures of business optimism and employment rates both tumbled.

BDO’s business optimism index declined by 0.16 points to 99.33 – the first drop since November.

And the employment index fell for the ninth consecutive month to 98.32 last month – its weakest point in nearly 11 years.

BDO partner Kaley Crossthwaite said: ‘Output reaching its highest point in nearly two years illustrates UK robustness.

‘For businesses, the main mood right now is cautious optimism – with drops in the employment and optimism index showing that we’re not out of the woods just yet.’

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