Business based in Britain’s capital enjoyed a 2.7 per cent increase in domestic sales in the second quarter (Q2) of 2018, a new report reveals.
According to the latest figures from the Institute of Chartered Accountants (ICAEW), improvements in the growth rate of domestic sales and exports have helped to boost confidence among City businesses.
The ICAEW’s latest tracker reveals that, in 2018, exports have begun growing at a rate of 4.6 per cent year-on-year, while domestic sales have begun increasing by 2.7 per cent.
This is in comparison with historic growth rates of 3.0 per cent and 2.5 per cent respectively in 2017.
The group’s tracker also reveals that confidence among City firms soared to +34 in Q2, up from a much lower -12 recorded in the first quarter (Q1) of the year.
Harpreet Panesar, London Director at the ICAEW said that it was “excellent” to see business confidence among London businesses climb back into positive territory following a slow period.
“A driving force behind this improvement is rising investment in the first half of 2018, while domestic sales are also on the rise,” he said.
However, commentators have noted that it remains yet to be seen how the challenges ahead – such as Brexit – will affect City firms in the coming years.
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