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Economy is set to grow in the second half of the year thanks to “a revival on the high street” / Ernst & Young’s Item Club

by on October 15, 2012 in Latest News, Lead story, Research, Retail News

The UK economy is set to grow in the second half of the year thanks to “a revival on the high street”, according to research released today.

According to financial specialists Ernst & Young’s Item Club, Britain will return to growth in the months to come as consumer spending power increases and disappointing exports boost the high street.

Disposable incomes are predicted to rise by one per cent this year and 1.4 per cent in 2013, “which feeds through to consumer spending growth of 0.6 per cent and 0.8 per cent respectively”, said the Club.

However, the Club’s autumn forecast emphasised that GDP will “stutter” to 0.2 per cent overall in 2012 before increasing to 1.2 per cent next year and 2.4 per cent in 2014, as the trend continues to gather pace before being supported by a housing market resurgence which will arise from easing credit conditions in 2013.

 

photo credit: marsmet544 via photopin cc

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