Optimism and job prospects at record levels
Financial optimism in the UK is at its highest for 17 years as businesses look to hire and grow, hereisthecity.com reports.
Whereas in Q2 2013, some 31 per cent of those quizzed by the Confederation of British Industry (CBI) said they were optimistic about their financial future, by Q3 this had increased to 53 per cent. Not only is this a sizeable increase but also represents the highest level of optimism witnessed for 17 years.
The survey, conducted in association with PricewaterhouseCoopers LLP, found that not only was optimism at its highest since 1996, but job prospects were looking similarly rosy. Respondents who claimed they were currently hiring were up by 24 per cent, thus representing the largest increase since 2007.
Considering the job market, it was estimated that some 10,000 jobs were created in the UK by the financial sector alone during Q3 2013. In the fourth quarter, this could increase by a further 14 per cent (or 2,000 positions) to make for even better results again.
Speaking to bloomberg.com after the results were published, director of economics at the CBI, Stephen Gifford, explained: “This is an encouraging quarter.
“Firms are expecting positive momentum to carry into the next three months, alongside a strong recovery in business volumes, which will boost profits further.”