Richmond Events' Business Panel Report - Economic Outlook

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.

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