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The latest Lloyds TSB survey indicated an acceleration in growth of London’s private sector economy in March. Business activity rose at the second-sharpest rate of all UK regions, underpinned by a robust increase in new orders. Backlogs of work rose as a result, although this did not prevent companies cutting employment further. Solid increases in both input and output prices were recorded.

Output and demand

Private sector firms in the capital reported a marked rise in business activity during March. Growth of output picked up to the sharpest since July 2011. Service providers were the principal drivers of the expansion. The current period of growth now stretches to four months.

Underpinning higher activity was a further increase in the level of new business received by London private sector companies. The latest rise in new work was the strongest for eight months and much sharper than the UK average. There were reports that improved client confidence and activity levels had supported the increase in new business.

Employment and backlogs

Strong growth of activity and new business did not prevent London private sector firms from cutting their staffing levels further in March. Employment decreased for the fifth consecutive month, albeit at a modest pace. Lower payroll numbers were recorded in both the manufacturing and service sectors.

Correspondingly, there was a modest rise in backlogs of work during March. The increase in outstanding business was the first in six months and in contrast to a reduction across the UK as a whole.

Input and output prices

Input costs continued to rise in March, with a number of panellists commenting on higher fuel prices. The rate of cost inflation remained solid, albeit weaker than in February and below the UK average.

Companies attempted to offset part of the rise in their input prices by raising their charges in March. The increase in selling prices was the first since August 2011 and at a solid pace. Manufacturers indicated a stronger rise in output prices than service providers.

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The Bank of Japan kept monetary policy steady on Tuesday, holding fire until a more thorough assessment of the economy at another rate review in two weeks that may show further action is needed to nudge inflation up towards its 1 percent target.
As widely expected, the central bank maintained its key policy rate at a range of zero to 0.1 percent by a unanimous vote.

The BOJ kept its assessment of the economy roughly unchanged, saying that while economic activity has remained more or less flat it has shown some signs of picking up.

Governor Masaaki Shirakawa will hold an embargoed news conference with his comments expected to come out sometime after 4:15 p.m. (0715 GMT).

The BOJ also announced details of a new dollar lending arrangement established as part of measures to boost Japan's potential growth.

Financial institutions can tap the loans offered by the BOJ at the six-month dollar LIBOR rate, with a duration of one year. The loans may be rolled over up to three times.

The deadline for applications for the new loans was set at March 2014.