The latest Richmond Events' business panel report on the economic outlook is now available. Please read on for headline findings and to download the free report.
Headline findings include:-
- The panel delivers a somewhat mixed verdict on the government’s handling of the economy. However on the plus side for George Osborne, the figures are much more positive than for the previous year.
- The panel predicts interest rates will be at (average) 0.9% in 1 year’s time and 2.11% in 3 years’ time.
- 8% of the panel expects the economy to grow significantly over the coming year, whilst 72% expects it to grow marginally (last year these figures were 0% and 30% respectively). A further 18% expects it to stay much the same as it is now, whilst 2% expect it to shrink a little. No one expects it to shrink a lot.
- 38% of the panel expects their industry sector to perform quite well in today’s economic environment, with a further 4% expecting it to perform very well. Once again a major turnaround from 12 months ago.
- 52% of the panel expects steady growth for their organisation with a further 11% expecting rapid growth.
- Interestingly, the panel is far more bullish about the prospects for their own organisations compared to that for their wider industry.
- In terms of headcount, the number increasing it has risen significantly from last year to just over 35% of the panel, its highest figure in the 5 years we’ve undertaken the survey.
- Turnover – the figures are up 20% from last year with just under two thirds expecting their turnover to increase.
- It is a similar story for profit forecasts. 62% of the panel feels their organisation’s profit should increase in 2014, up from 43% last year.
- The number who expect an increase in their budget for this year has almost doubled from 2013: 20% to 39%.
You can download the full report here.
If you have any questions or would like further information, please contact David Clark.