Ernst and Young have predicted that Yorkshire and Humber’s growth will continue to boom, thanks to the current buoyant, and still improving, economy. They used the Treasury’s forecast model to make the predictions, which identified increase of 2.9% GDP in 2007.
This growth has been attributed to a recovering retail sector, a booming labour market and a property sector which is also performing well, but according to the experts at Ernst and Young, could still go faster. However, they added a warning note to their optimistic prediction. Whilst the added pounds in the Government’s tax coffers are handy, they predict that they’re not going to go to decreasing the budget deficit – currently standing at £11bn.