Companies are confident. In the second quarter this year they increased their level of investment by an estimated £1.4billion (3.3%) more than in the first quarter and 11% more than in the second quarter of last year. This is the largest annual increase since the first quarter of 2007 and, at £45billion, the highest level of investment since the second quarter of 2005.

This is the seventh quarterly increase in the level of investment, which is the longest sustained period of growth since 1998, albeit from a fairly low level, although investment passed the pre-recession peak in the fourth quarter of last year.

Most of the increase in the latest figures came from increased investment in machinery and equipment (rather than land, buildings or transfer costs). It was up by £700million (4.4%) since the previous quarter. Stone machinery suppliers are enjoying the increase as much as anyone, as was reported in the September issue of Natural Stone Specialist magazine.

The figures are released by the Office for National Statistics, a government body.