BusinessCompany NewsICAEW surveys points to boom time

ICAEW surveys points to boom time

Gordon Brown is set to meet his economic forecasts for 2004 with help from booming London businesses, according to accountants.

Link: UK economy set for ‘mini-boom’

The quarterly Business Confidence Monitor, which is run by the ICAEW and Alliance & Leicester Commercial Bank and represents the views of 1,000 chartered accountants, predicted UK turnover would grow by 6.1%.

Eric Anstee, chief executive of the ICAEW, said: ‘If the forecasts are realised, economic growth could be in line with the chancellor’s robust forecast for 2004.’ But he warned that a further rise in interest rates could jeopardise Brown’s predictions.

The survey found London’s accountants most optimistic, but those outside the capital were also anticipating improvements, with growth broadly expected to accelerate this year.

In London turnover was expected to increase by 6.4%, compared to just 4.3% in 2003. Profits, which also increased by 4.3% last year, were predicted to rise even faster, by 6.7%.

The capital’s accountants also believed 2004 would see more jobs created, leading to a 2.3% increase in employment, compared to just 0.4% last year.

Optimism was pegged to business size, with respondents from smaller firms predicting the largest upturns in economic fortunes.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

12m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor