The U.K.’s economic recovery is still on a strong footing with businesses poised to spend and hire, a survey by the British Chamber of Commerce (BCC) showed.
Responses from 7,479 businesses to the BCC’s Quarterly Economic Survey showed six key manufacturing indicators, including employment expectations and domestic orders, hit all-time highs in the first quarter of 2014.
Export sales and orders in the services sector also beat their fourth-quarter highs, confirming the U.K. is on track for a steady recovery.
The report comes just weeks after the U.K. Chancellor George Osborne unveiled an upgrade in growth forecast to the country’s economy for this year, which is now predicted to grow 2.7 percent from the previously expected 2.4 percent. Britain’s GDP grew 1.7 percent in 2013.
“The survey is very good news. It shows an economy which is growing at a satisfactory pace. It shows business confidence is strong,” David Kern, chief economist at the BCC told CNBC in a phone interview.