Manufacturing was once the bedrock of the economy and the source of the UK’s rise to economic superpower status in the 18th and 19th centuries. Since Margaret Thatcher unceremoniously re-shaped the economic landscape in the 1980s, the sector has shrunk from 25% of GDP in 1979 to 16% in 1990 and to just 9% now. In the process it has
It’s impossible to overstate the importance of the service sector to the modern UK economy. According to research by the House of Commons Library, it represents 81% of UK economic output and provides 83% of our employment. The service sector includes retail, financial services, public sector activities, business administration, hospitality, leisure and cultural businesses. The S&P Global/CIPS Purchasing Managers’ Index
The UK economy appears to be on a slow upward trajectory in 2024 after a rocky start and on the back of a tough business landscape in 2023. We hope this trend continues and improves as UK business owners desperately need some stability and growth. Delving deeper into April’s stats, there was mixed news with a pleasant surprise in the
Current financial pressures In a letter to Chancellor Jeremy Hunt ahead of the March 2024 budget, the Local Government Association (LGA) said that councils were facing significant shortfalls because of cost and demand pressures: “Our analysis shows that by 2024/25 cost and demand pressures will have added £15bn (28.6%) to the cost of delivering council services since 2021/22. Despite increased
The signs are that the worst of the cost of living crisis may be over for consumers, with CPI inflation at 3.4% in February now well below the rise in average pay of 6.1% for those in work. Pensioners have seen a huge hike of 8.5% and most benefits have been uprated by 6.7%. If only the situation facing businesses
It is with the greatest sadness that Opus Business Advisory Group has to announce the loss of one of its founding Partners, Steve Parker, who passed away unexpectedly on 7th April 2024. Steve was one of the genuinely good guys – a top class IP, an astute businessman and a kind and caring person, who was an inspiration to all
