Institute News

October 2003
Management Services;Oct2003, Vol. 47 Issue 10, p32
Academic Journal
The article presents updates on businesses and the economic condition of Great Britain as of October 2003. The recovery in the world economy has been slow and uneven. Growth in Great Britain picked up, though it remains well below trend. Public spending continues to rise strongly and there are signs of resilience in consumer spending. But investment remains subdued and recent corporate healthchecks show that the average return on capital for British business firms across the economy fell from 6.35% in the 12 months to December 2002, to 5.76% in the year to March 2003. Articles in the July 14, 2003 issue of Business Week and the July 11-13, 2003 issues of the Wall Street Journal Europe discusses the global stature of Great Britain. The Business Week list of the world's top companies by market capitalisation shows that the U.S. has a major proportion of the top companies but Great Britain comes second ahead of Japan and indeed has more top companies by market capitalisation than both France and Germany put together. The Wall Street Journal Europe reports that London, England has increased its financial dominance in Europe since the formation of the Euro. According to Trade and Industry Secretary Patricia Hewitt, businesses which respect, value and invest in staff find it easier to deliver services, to recruit, retain and motivate staff, to reduce stress, sick leave and absenteeism.


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