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BUGDET COMMENT: Growth forecast predictions PDF Print E-mail
Thursday, 09 March 2017
Chris Manson, CEO of Newable, comments on Philip Hammond’s Spring Budget announcement:   “Philip Hammond’s endorsement of the OBR’s growth forecast of 2.0% in today’s Budget is positive news that puts the UK amongst the strongest economies in the G7. However, the fact that Mr. Hammond went on to downgrade growth forecasts in the coming years suggests that confidence is still fragile. Newable’s Gross Domestic Confidence research proves that business confidence is an essential component to growth and that it directly impacts the future of our economy. The research, conducted in partnership CEBR, reveals that business confidence remains significantly below historic norms. In this context, businesses are less likely to create new jobs and make new investments in their business. The result is that GDP could undershoot the Mr Hammond’s forecast by an estimated 0.5%. It is crucial that we continue to inspire confidence, so that businesspeople are willing to make bold decisions that will have a positive impact on the economy. To achieve this goal, it will be vital to make business finance fair and accessible, to help businesses commercialise their innovation and to provide practical assistance with exporting.”

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