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Region’s businesses ‘more positive’

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Many businesses in the region are more positive than recent research suggests, according to the Bank of England’s agent for the region.

Speaking in the region, Phil Eckersley, the Bank of England’s agent for the South East and East Anglia, said: “I speak to many businesses who tell me that they feel much more positive than the research suggests.” He continued: “It is important to recognise that there has been a gentle pick up in the growth of household incomes. We are also seeing job growth in the private sector increasing and with the newly announced Funding for Lending Scheme set up by government and the Bank of England there is hope for a modest recovery.”

The Bank’s August 2012 Inflation Report shows business activity in the eurozone continues to be weak with output in the UK broadly flat over the last two years.

Addressing over 100 members of the Suffolk Chamber of Commerce on the report at the Stoke by Nayland Hotel, Golf and Spa, Mr. Eckersley added: “There is no doubt that despite many businesses I meet working harder than ever there remains many challenges for the economy. The latest research shows that lending conditions facing households and companies has tightened further with the increased funding costs being experienced by banks.”

Local businesses have continued to lobby over recent months over key infrastructure projects such as the A14 and the Great East Main Line. Despite positive noises coming from Whitehall, the chamber says it will take “some time” for that investment to be delivered.

Suffolk Chamber chief executive John Dugmore said: “It was…good to hear that Phil’s experience is very similar to both the chamber’s and our members’. While the figures show we are well and truly in a double dip recession, the everyday feeling of business is more positive.” The national chamber is calling for a new business bank.

Last Updated ( Friday, 12 October 2012 11:57 )