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What does coming out of recession mean for businesses and jobs in our region?

PUBLISHED: 07:59 25 October 2012 | UPDATED: 10:35 25 October 2012

News that the UK is coming out of recession comes too late to help those who have lost their jobs at the Uniglaze factory in Forest Way, Costessey. Picture: Denise Bradley.

News that the UK is coming out of recession comes too late to help those who have lost their jobs at the Uniglaze factory in Forest Way, Costessey. Picture: Denise Bradley.

Archant

The Office of National Statistics is today expected to declare the UK has surfaced from recession.

City experts predict gross domestic product (GDP) – a broad measure for the total economy – will be up 0.6pc between July and September. The Office of National Statistics will release their calculations this morning.

But for most companies and their customers the reality to their everyday lives is unlikely to change with the technical announcement and it is still a tale of mixed fortunes across this region.

For the staff who have just lost their jobs at Uniglaze the fact the longest double-dip recession since the 1950s will be declared over by official figures today will seem irrelevant.

James Hunter, Norwich partner at law firm Mills and Reeve, said psychologically the news would probably help in the run-up to Christmas to boost consumer spending and confidence, which would be good locally for the retail and leisure sectors.

But he warned that businesses are still very focused upon repaying and reducing debt as an overall proportion of their balance sheets.

“I do not see any prospect of this changing in the near term,” he said.

He also said that there were still real difficulties in bank lending – but said it was too simplistic to criticise banks who are facing regulatory strictures to rebuild their balance sheets and make huge increases to the capital they hold.

For more on what coming out of the recession means for jobs and business in our region, see today’s EDP.

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