Business in East Anglia

Unemployment set to soar in Norfolk and Suffolk as furloughing ends

Unemployment across Norfolk and Suffolk is set to peak at 120,000 as the government’s furloughing scheme comes to a close over the autumn, according to a new report. Consultants working for New Anglia LEP believe that this ‘middle case’ scenario involving a U-shaped recession is most likely and a slow return to economic growth. A ‘best case’ scenario with a quick return to growth and a V-shaped recession would involve nearer 50,000 job losses according to the estimates from Metro Dynamics.

A worst-case would involve a lingering L-shaped recession Currently around  183,400 staf...

Economic forecasts downgraded as firms urged to prepare for ‘new normal'

A key forecasting group has downgraded its prediction for how fast the economy will shrink this year and warned that businesses in the region will need to respond to long term-shifts in the economy which have been accelerated by the pandemic. The latest EY ITEM Club forecast is that UK gdp will fall by 8% in 2020, down from the 6.8% which it was predicting in April. However it does expect the economy to grow by 5.6% in 2021, up from an earlier forecast of 4.5%.

Stuart Wilkinson, office managing partner at EY in the East of England, said: “The East of England has a varied economy, known...

Is the agricultural sector about to be thrown under the bus?

There is very little in the way of news outside coronavirus, which is unsurprising, but with the Agriculture Bill having its second reading and debate in the House of Lords on 10 June and possible Royal Assent in due course, the agricultural industry will brace itself for its biggest upheaval since 1973 says, Bruce Masson, partner, MHA Larking Gowen.

The current pandemic has demonstrated the importance of having a strong and resilient supply chain especially for domestic output.  The Bill is based on the overarching principle of public money for public goods and on the face of it, the principal ...

New strategic water pipeline alliance aims to boost region’s resilience to drought

Anglian Water has named four contractors who it will form a new strategic pipeline alliance with as part of a £350 million infrastructure contract to move water more freely from surplus areas in north Lincolnshire to where it is scarcer in the south and east of the region .

After a competitive tender, the utility will work with Costain, Farrans, Jacobs and Mott MacDonald Bentley to complete what it says is one of the largest strategic water infrastructure projects the UK has ever seen. It involves the creation of up to 500km of interconnecting pipes and pumping equipment and upgrading ...

Speed of downturn slows but firms braced for slow recovery

The pace at which private sector activity fell in the region slowed dramatically last month although confidence remains subdued and firms are expecting a slow recovery as lockdown restrictions are relaxed, according to a key survey of purchasing managers. The NatWest East of England business activity index rose from a record low of 16.2 in April to 33.4 in May, although any figure below 50 still signals a fall in output. Firms in the East saw a further sharp reduction in new business during May – and despite easing markedly from April - the decline was still among the fastest on recor...