BusinessCompany NewsEconomic prospects pick up

Economic prospects pick up

ITEM club offers sunnier outlook for 2006, with growth picking up after lacklustre 2005

The UK economy is getting back on its feet and showing signs of a modest
recovery in 2006, according to the Ernst & Young ITEM Club.

The economic forecaster is predicting growth of 2.3% in GDP in 2006,
following the 1.7% growth rate in 2005.

Inflation has also dropped back sooner than expected, it added.

Peter Spencer, chief economic advisor to the ITEM club, said, however: ‘We
are certainly not out of the woods yet. Growth is still well below par – just
hitting the EuroZone average – and with consumer spending dropping and the
pressure piling on exports to take up the slack, we could be in for a bumpy
2006.’

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