BusinessCompany NewsITEM club sees rosier future

ITEM club sees rosier future

Ernst & Young's ITEM club expects the economy to pick up during the year, with business spending set to rise and exports from the UK likely to climb.

Link: Tax hikes on the way, says ITEM club

In its quarterly economic outlook, the ITEM club said it expected GDP growth to rise to 2% later in the year, with continued acceleration into 2004/2005.

Professor Spencer, economic adviser to the ITEM club, said adjustments made to financial markets and corporate boardrooms following the ‘euphoria’ in the run up to the millennium had left the economy in much better shape in the long term, but said the cost to household incomes and balance sheets has been enormous.

The report also highlighted an improvement in disposable income for companies due to increased productivity, and forecast a revival in business spending.

Exports from the UK and business investment into the country are also expected to pick up in 2003.

The outlook was not so rosy for personal incomes with the threat of redundancy, the pensions crisis and depressed equity markets hanging over the heads of most workers.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

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

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor