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Corporate spending set to rescue UK

first_img KCS-content whatsapp Share whatsapp Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Timescenter_img THANK goodness for the private sector. With the exception of parts of the property investment industry, it is now in reasonably good shape. Contrary to what many believe, this means that Wednesday’s Comprehensive Spending Review – and the all too necessary spending cuts it will detail – won’t derail the UK economy. Sure, a chunk of public sector demand will disappear – but a raft of little-noticed data suggests that extra spending in the rest of the economy will more than compensate.The I/B/E/S equity analysts’ consensus earnings forecasts for UK companies have surged from growth of 4.2 per cent year on year 12 months ago to 15.9 per cent now. Analysts are the most optimistic since records began more than 20 years ago; this is the first time since the early 1990s that the consensus expects UK profit growth to outpace the global average. I know that equity analysts are an irrationally exuberant bunch and that UK firms are enjoying growing overseas sales. But the analysts’ mood undoubtedly reflects greater confidence among the firms they talk to.Plenty of other clues suggest that things are going all right (though certainly not superbly) for UK Plc and that it is about to spend a lot more, boosting growth and creating private sector jobs to replace those lost in the state sector. Take corporate bank accounts: many firms are flush with cash. Fewer are saying they are finding it hard to borrow. The British Chambers of Commerce quarterly survey suggests capacity use in firms continues to rise, and is above average in both manufacturing and services. It also finds that competitive pressures are not unusually severe (they tend to be pronounced when there is a lot of excess capacity around, as rivals engage in price wars). So what is happening? Firms slashed their investment spending when the crisis hit – and because so much capex nowadays is on IT on a three-year cycle, productive capacity has fallen. Recent CBI and Bank of England agents’ surveys give a similar message: plants and offices are running at much closer to full capacity than many people realise. This is great news for the economy. With profits bouncing back, investment still low, limited capacity, demand that is still growing (albeit at a weaker rate) in part because of sterling, business investment is likely to rebound. Deloitte’s most recent survey of chief financial officers (CFOs) revealed a strong rise in those who say that expanding investment is one of their top three priorities for the year ahead. Again, one shouldn’t exaggerate this positive trend. But I suspect that Michael Saunders, Citigroup’s excellent chief European economist, is right to be predicting a 10 per cent or so recovery in corporate capital spending by the end of 2011. A similar argument helps to explain why the Ernst & Young Item Club expects GDP growth of 1.4 per cent this year and 2.2 per cent next year (the latter figure still sounds a little high to me, which ought to be proof that I’m no deluded optimist, merely a realist). The simple truth is that no serious forecaster is predicting a double-dip recession in the UK as their central outcome next year, even though everybody knows that spending cuts are coming. There is plenty of evidence of an economic slowdown since the spring but none of another collapse. Economists often get it totally wrong – but not this time. [email protected] Show Comments ▼ Corporate spending set to rescue UK Sunday 17 October 2010 11:46 pm More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comlast_img read more

UK is set for steady but slow growth

first_img KCS-content THE British economy is set for “a slow but stable pace of expansion,” the Organisation for Economic Co-operation and Development (OECD) said yesterday.“The OECD indicator is consistent with the view that a modest economic upturn remains intact for the UK, despite a GDP contraction of 0.6 per cent in the final three months of last year,” commented Howard Archer of IHS Global Insight.However, the UK’s prospects remain below those in some OECD member states such as Germany and the US, where “robust expansion” is forecast.The US indicator jumped by 0.6 points in January, recording a score of 103.2. The UK’s indicator has remained steady for three straight months, at 101.9.All scores above 100 point to above average growth. The indicators attempt to predict turning points in economic activity six months ahead.“We project British GDP to grow by 1.6 per cent in 2011,” Archer said.The latest figures bode well for the global economic recovery, with monthly upturns across the OECD area, and specifically in Europe and Asia.January’s scores were up 0.4 points against the previous month, throughout the OECD’s 33 member countries – an annual improvement of 2.1 points, clearly indicating expansion. Monday 14 March 2011 8:49 pm whatsapp UK is set for steady but slow growth Tags: NULL whatsapp Show Comments ▼ Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wraplast_img read more

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