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UK industrial output grew at its quickest rate for six months in March, official figures have indicated.

Output has risen by 0.5% from a month before, the Office for National Statistics (ONS) stated. The narrower measure of manufacturing output rose by 0.4% month-on-month, with figures revised up to 0.5% for manufacturing-laserFebruary.

Pharmaceutical products and preparations, manufacturing and repair, and rubber and plastics boosted manufacturing output. Going by a year-on-year basis, the total production output was predicted to have an increase of 0.7% in March 2015 compared with March 2014.

Two of the four main industrial sectors faced an increase, with manufacturing output being up by 1.1%. However, going on a quarterly basis, total production output was estimated to have risen by 0.1% between the October to December 2014 period and the January to March 2015 quarter.

The largest component of production, manufacturing, was estimated to have increased by 0.1% between these periods, as stated by the ONS. As well as this, a report from the National Institute of Economic and Social Research (NIESR) said its monthly estimated of UK GDP inferred that output grew by 0.4% in the three month ending in April. This was after the growth of 0.3% in the three months to March.

A new website aimed at promoting and raising awareness of the UK creative industry has been launched earlier this month to provide a portal for the creative industries across the UK and to provide a platform to promote and showcase the UK’ industry that is growing rapidly.

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The UK Creative Industry Website

The new website (www.thecreativeindustries.co.uk), developed by industry and Government are seeking to co-ordinate a unified approach towards finance, education and skills, exports and inward investment, intellectual property and digital infrastructure.

The site has been designed to provide a centralised digital hub linking the industry, UKTI and the FCO as they focus on promoting the sector and driving growth and investment in 200 countries worldwide.

If you are in the creative industries its well worth taking a minute or two to have a look around as there is also details and statistics regarding the UK industry as a whole and its also a good place to go for details on any funding initiatives that are happening in the UK creative industry.

 

Some more good news has recently come out from both the Organisation for Economic Co-operation and Development (OECD) and from the Bank of England (BoE). Both are predicting rapid growth in the next year and both have revised 2013’s growth as well. Here’s what they are saying:

  • From the OECD: 2013’s economic growth in the UK has been upgraded to 1.4% from 0.8% and 2014 UK growth is set to rise to 2.4%.
  • From the BoE: 2013’s economic growth in the UK has been upgraded to 1.6% from 1.4% and 2014 UK growth is set to accelerate to 2.8%.
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OECD revises 2014 UK growth to 2.4%

According the BoE, inflation has not been as high with a surprise drop in consumer prices brings it to 2.2%.

The announcements made yesterday at an OECD and BoE press conference confirms that the UK might be out of the worst of it regarding the fallout from the 2009 economic crash and subsequent back to back recessions and whilst most of Europe struggles to get in to positive growth territory the UK is rapidly climbing onwards and upwards.

Whilst this is great news for the UK as a whole, the growth may bring forward interest rate rises which will effect both businesses and consumers with mortgages holders in particular at potential risk.

The BoE’s forward guidance policy, introduced this August states that the Bank has pledged not to raise interest rates until the jobless rate comes down at least to 7%. Hitting 7% sooner could mean an earlier rise in interest rates. That would, in turn, mean higher repayments on loans and mortgages for many businesses and households.

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The Bank Of England predicts that the 2014 UK growth could be as high as 2.8%

The new Bank of England chief, Mark Carney has tagged any interest rate rises to unemployment has bought forward the predicted deadline of the 7% unemplyment threshold from 2016 to the third quarter of 2015.

The revision has come as the official figures show the jobless rate declined to 7.6% in the three months to September, down from 7.8% in the previous quarter which is the lowest rate for three years.

The 2014 UK growth figures of between 2.4-2.8% means that 2014 should be a great year for businesses in Hastings and Rother and  it should be an interesting year ahead.

Let us know your views on this. Has your business seen a general pick up in the past year. Are you feeling more confident going in to 2014 then you were in 2013? Are you preparing for any interest rate rise?  We ‘d love to hear from you so leave your comments in the below.