The latest quarterly economic survey of 8,000 firms by the British Chambers of Commerce (BCC) shows that exports by the service sector are at an all-time high, “providing further evidence that the UK economy is continuing to grow”. However, the BCC also warns that “the recovery must become more balanced in the months ahead, as it is still too reliant on consumer spending. Access to finance remains a critical issue for businesses, as they look to expand and meet their growing order books. Rectifying this is vital, if we are to transform our economy — from being merely good to being truly great.”

Commenting on the results, BCC director-general John Longworth said: “It is great to see another positive story as we enter the 25th year of our survey. Confidence is high, and our members are determined to continue driving the recovery. We are brilliant at services and very successful at exporting our knowledge-based industries all over the world.

“However, UK firms are ambitious, and more support is needed if we are to place the recovery on a sustainable broader footing in the medium term. Given that we face political change both at home and abroad over the next year or so, long-term policies that support our businesses as they look to grow and invest are crucial.”

David Kern, chief economist at the BCC, said: “The results of our survey suggest that growth is strengthening in the short term, which supports our recent forecasts that the economic recovery is moving at a solid pace. However, challenges persist, and the recovery is not yet secure. UK growth is still reliant on consumer spending, driven by a resurgent housing market and a declining savings ratio. Given that UK personal debt levels are too high and need to fall, it will be hard to maintain growth levels in the medium term without significant structural changes to our economy.”