Download the August 2013 edition of the Chamber magazine

Download the August 2013 edition of the Chamber magazine

Bank of England

Bank of England Agents' Summary of

Business Conditions, July 2013

Each month the Bank of England's Agents publish a

summary of their monthly reports following discussions

with around 700 businesses throughout the country.

This provides information on the state of business

conditions, from firms across all sectors of the


The findings from this month’s report are summarised


Annual growth in the value of retail sales and

consumer services had risen slightly over the first six

months of the year, but remained modest.

Activity in the housing market had continued to


Investment intentions continued to be largely aimed

at raising efficiency, with very little large scale

capacity expansion under way.

Manufacturing exports continued to grow at a

moderate rate.

Growth in manufacturing output for the domestic

market had increased a little in recent months.

Modest growth in business services turnover had


The annual rate of decline in construction output had

eased as house building had increased. Output in the

sector overall was little changed on a year earlier.

Corporate credit conditions had continued to improve

very gradually, but many companies reported a desire

to rely on internal or non-bank funding.

Employment intentions had edged higher in recent

months, but were flat for consumer services.

Capacity utilisation had remained slightly below

normal both in manufacturing and services.

Labour costs per employee had grown at modest but

stable rates over recent months.

Inflation in materials costs had fallen to low levels

and had remained stable for imported finished goods


The rate of increase in manufacturers’ and business

services prices had remained subdued, though

profitability had edged higher as output had risen.

The rate of consumer price inflation had been


We are always interested in hearing from member

businesses that have a view on the Bank of England's

outlook on the economy. Email

with your views.

View the full report at



Affiliate Town Chambers

Axbridge Chamber of Commerce

01934 733078

Mike Sartain,

Burnham-on-Sea Chamber of Commerce

01278 238959

Deryk Monaghan,

Bridgwater Chamber of Commerce

Steve Leahy,

Crewkerne Chamber of Commerce

01460 200115

Jonathan Edgington

Frome Chamber of Commerce

07887 641469

Neil Howlett

Ilminster Chamber of Commerce

01460 54364

Sarah Calhaem,

Langport Area Business Group

07763 955390

Lynne Charlick

Shepton Mallet & District Chamber

01749 344995

Ian Jarmaine,

Taunton Chamber of Commerce

01823 322288

Colin Barrell,

Wells Chamber of Commerce

01749 670000

Wellington Chamber of Commerce

01823 661982

Ian Stock,

Yeovil Chamber of Commerce

01935 804999

Gina Farnborough,



Find out more about the benefits of

Affiliating to The Somerset Chamber.

Call 01823 444924

or email Vikki Waterman on

Alternatively visit

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