Economic growth figures hailed by Shrewsbury law firm

Lawyers at one of Shropshire’s largest law firms have welcomed the news that the UK economy is growing at a faster rate than previously thought.

The Office for National Statistics (ONS) said the economy grew by 0.4 per cent in the first quarter of this year, compared to estimates of 0.3%, and economic growth for 2014 as a whole was revised up to three per cent - the best figure since 2006.

Gráinne Walters, head of the corporate and commercial department at Lanyon Bowdler Solicitors in Shrewsbury, said the figures confirmed the feeling at the firm that confidence was high.

She said: “Corporate activity in London started to accelerate towards the end of last summer and we tend to notice a ripple effect as it works its way up through the midlands.

“From February onwards, we noticed a change in the marketplace. Corporate transactions were starting to happen as business owners became more confident in their strategy.

“Since April, we have noticed a further escalation in the number of transactions completing – there has been a huge increase in corporate activity in the Shropshire market.

“Banks are expressing a willingness to lend and this increase in available funding from banks and other finance providers, including crowd funding, is allowing businesses to expand far more quickly than in previous years.

“Talking to our business clients, they are seeing a huge increase in demand for their goods and services meaning that current workforces are straining to meet demand, so they are seeking ways to fund this growth.

“We have also seen an increase in joint venture partnerships - companies bringing together their operations to create a better offering for their customers - which we just haven’t seen on this scale for many years.”

Lanyon Bowdler is one of Shropshire’s largest law firms, with offices in Shrewsbury, Telford, Oswestry, Ludlow and Hereford.

For more information visit the website at www.lblaw.co.uk

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