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Signs of recovery after all the gloom
GREEN shoots of financial recovery are beginning to be seen on the Fylde coast as consumer confidence grows to the highest level in a year.
The recession has taken a deadly toll on Blackpool's high street as the financial gloom spread.
Retail giants Woolworths, Zavvi, Faith and Whittard's all closed their doors, while many smaller businesses suffered a similar fate.
Fortunes could be about to change however, with the National Institute of Economic and Social Research announcing this week the economy has started growing again.
Experts say evidence suggests the country is pulling out of the worst recession in decades.
Figures have shown the manufacturing sector is enjoying its strongest growth for 18 months, consumer confidence is recovering and the jobs market is improving for the first time in 18 months.
Steve Pye from the Blackpool-based Federation of Small Businesses said he was not surprised at the news.
He said: "I've been saying for a while I believe there are signs of recovery.
"The steps the Government have put in place such as cutting VAT and interest rates and the cash injection from banks certainly seem to be paying dividends for small local businesses.
"I believe the worst is over and we are hopeful the encouraging trend of growth will continue.
"It may be too soon to roll out the bunting, but we are cautiously optimistic."
Hugh Davies from the Fylde Coast Chamber of Commerce said he was also convinced business confidence is beginning to grow.
He said: "A recent survey, held in early summer reflected confidence is starting to return after all the doom and gloom earlier this year.
"It remains to be seen, however, to what degree this is the start of a real recovery.
"Service providers and manufacturers report slightly improving cash flow conditions and the percentage of businesses reducing staff numbers is starting to stabilise.
"A new set of economic data is due to be published – and early indications are that the results are expected to show a continuing improvement in business confidence across the Fylde."
Figures from the National Institute of Economic and Social Research (NIESR) show there was growth of 0.2 per cent between June and August. That compares to a fall of 0.3 per cent in the size of the economy in May to July.
Nationally there are also positive signs the job market is making a recovery.
According to free classifieds website vivastreet.co.uk, there is an 88.4 per cent increase in the number of full time jobs being advertised this month compared with January.
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Weather for Blackpool
Wednesday 30 May 2012
Today
Cloudy
Temperature: 12 C to 20 C
Wind Speed: 12 mph
Wind direction: West
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