§ Mr. Stephen O'BrienTo ask the Secretary of State for Trade and Industry to what she attributes the percentage change in business investment during 2002.[143426]
§ Ms HewittBusiness investment fell by 3.5 per cent. in 2002, following a combined 32 per cent. rise between 1997 and 2001. A number of investments planned for 2002 were deferred. The unexpected severity of the global economic slowdown in 2001 and added uncertainty in 2002 impacted on investment and business confidence across industrialised countries.
Business investment is forecast to have grown by ¾ per cent. in 2003, with growth accelerating to be at least 3 per cent. in 2004 and 5½ per cent. in 2005.