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Businesses 'need To Ensure They Have Enough Cash'

By:   |   Jul 08, 2018   |   Views: 16   |   Comments: 0

Firms should prepare themselves for a "modest" economic recovery, one business expert claims, as the United Kingdom shows the first signs that the economy escaped recession following a 0.1% growth in the last quarter of 2009.

Business confidence is set to rise over the coming months, according to economists.

Such is the assertion of David Kern, chief economist at the British Chambers of Commerce (BCC), who notes that although the overall optimism of firms should increase, the recovery from the economic downturn will be at "a very modest pace".

€œThe main aim now must be to ensure that the modest recovery consolidates and slowly gathers momentum. It is critical for both the government and the Monetary Policy Committee to pursue policies that make it possible for business to invest and export. Regulatory burdens must be removed wherever possible, and access to finance improved. A double-dip recession must be avoided at all costs," said Mr Kern.

Indeed, he points out that such a resurgence is set to be "very fragile and very patchy", those firms considering their use of business accounts may be interested to hear.

Advising caution, the BCC economist adds that organisations must "make sure they have enough cash, they mustn't expect a boom".

For those concerned about their firm's financial future, seeking out best business bank accounts could well help them make the most of their cashflow.

Taking the time to consider bank account use in the current financial climate may be especially advisable as recent research from PricewaterhouseCoopers showed business volumes rose in the three months leading up to December.

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