15/09/2010
The UK economic recovery is ahead of rivals, claims the Organisation for Economic Co-operation and Development (OECD).
As reported by This is Money, the leading international watchdog declared last night that Britain is faring better than other developed nations as the economy recovers.
The OECD expects the British economy to outgrow our G7 peers in the third quarter of 2010, including the US, Germany, France, Italy and Japan.
The forecast has been supported by figures from the Office for Budget Responsibility. A spokesman from the Treasury said: "The OECD's latest forecasts have the UK growing faster than any country in the G7 this quarter and second fastest next quarter, at rates broadly in line with the OBR's budget forecast."
In a further piece of good news for the British economy, the World Economic Forum said the UK had moved up one spot in its annual global competitiveness league, according to The Telegraph.
"The country benefits from clear strengths, such as the efficiency of its labour market," the Forum said.
This triple-dose of good news from three important bodies will further strengthen growing business confidence in the economy. The news could spark a boost in business for factoring companies, who will be approached by a number of businesses that understand now is an opportune time to invest in their business, and want to free up some cash to do so.
Laura Nineham