UK Economic Growth Struggling: Merchant Account Providers UK

According to the National Institute for Economic and Social Research (NIESR), the economic growth from March to May accounted for just 0.2{fdc3f9c8f95ff899b75677487c74cb820d98d1003a6ef658fba4b540356f84ee}. Are you trying to grow your business in the UK? Are you looking for reputable merchant account providers UK? This article will help you solve your issues.

Economic Growth in the UK

Amit Kara, NIES’s head of macro-economic forecasting, notes that the economic growth has experienced a slowdown since the start of 2018. Currently, the economy is still weak.

According to the Office for National Statistics (ONS), manufacturing output, which makes up about 10{fdc3f9c8f95ff899b75677487c74cb820d98d1003a6ef658fba4b540356f84ee} of the British economy, dropped 1.4{fdc3f9c8f95ff899b75677487c74cb820d98d1003a6ef658fba4b540356f84ee} during June. By the way, that has been the largest dip since October 2012.

As Kara further notes, the latest data reveals that a significant slowdown in the manufacturing output is because of both domestic and external conditions. When it comes to the retail and dominant services sectors, they may be getting better.

According to Rob Kent-Smith, the ONS’s head of national accounts, there’s still a slow international demand, and the domestic market is still subject to it.

The IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) was 54.4. In May, it was 54.3. Thus, it beat the consensus of a Reuters poll of economists’ 54.0, as well as went above 50 that’s a separating point between the growth and contraction.

 

UK Manufacturing: Merchant Account Providers UK

In fact, the overall industrial production, which also incorporates energy output, went down by 0.8{fdc3f9c8f95ff899b75677487c74cb820d98d1003a6ef658fba4b540356f84ee}. Nobody expected such decline in the field. There was a consensus among economists for a modest increase.

James Smith, an economist at ING (a global financial institution), notes that today’s “disappointing” manufacturing data may give birth to some thoughts that the Bank of England will increase interest rates during the summer.

The Bank of England has recently suggested that the gradual rise of the interest rate was ahead if the economy became stronger after the slow 0.1{fdc3f9c8f95ff899b75677487c74cb820d98d1003a6ef658fba4b540356f84ee} growth of January to March.

Are you a merchant in the UK concerned about how you can grow your business in the current situation? Have you found a respectable merchant services provider that can help you overcome hindrances with ease? If not, apply to a payment expert to get the best for your business.

A reputable merchant services comparison company in the UK can help you enjoy the best deal for your business. So, turn to a true professional in the field to get free consultation, reviews of contracts, rates, and fees so to take your business to the next level with ease. An experienced and reliable payment specialist will offer you the best merchant account providers UK by providing the most honest snapshot of the companies at the time of writing.

The worst of the bad news for the economy reported by the manufacturing put pressure on the pound. Despite the recent rise, the pound continues to be worth more than 10{fdc3f9c8f95ff899b75677487c74cb820d98d1003a6ef658fba4b540356f84ee} less now as compared to what was the reality on the eve of the Brexit vote.

The level of optimism registered its lowest point in 2018 as factory bosses started expressing concerns about cost pressures, possible future tariffs associated with trade, the exchange rate, as well as Britain’s exit from the European Union.

 

Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry, including merchant account providers UK, has helped thousands of business owners save money and time.