UK spending on online advertising is set to rocket by 60 per cent over the course of this year to approximately £385 million, according to new figures from e-commerce consultants, E-consultancy.

The firm's 2008 Online Advertising Networks Buyer’s Guide, predicts that overall display advertising will grow by 30 per cent in 2008 to £770 million.

Meanwhile spending on advertising networks – which connect web sites with advertisers – will grow from 40 per cent of total spend to 50 per cent this year.

“The growing influence and momentum of networks is evident from the large number of new players since our first buyers' guide on this topic in 2005," said E-consultancy's head of research, Linus Gregoriadis. "The best networks have been able to differentiate themselves with the use of behavioural targeting to help advertisers target their audience more effectively.”