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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