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Norwich Economic Barometer – February 2016

Written by Paul Vincent on .

Norwich City Council have released their latest economic barometer. The report highlighted:

Nationally

  • Bank of England unanimously vote to leave interest rates on hold
  • ONS figures highlighted that the UK trade gap with the rest of the world widened by £1.9bn
  • UK economy grew at its slowest rate since mid 2013
  • The Markit/REC report highlighted a slight acceleration in growth of permanent staff placements

East of England

  • Confidence in the region’s commercial property market remained strong and rents are expected to rise across all sectors
  • UEA’s Low Carbon Innovation Fund (LCIF) invested more than £70m during the first round of funding. It has supported 45 SMEs across sectors including renewable energy, automotive, technology and creative industries
  • The Association of Business Recovery Professionals R3 warned that delayed invoice payments were impacting on the region’s manufacturers. 27% suffered from late payment in 2015

Norwich

  • NUA’s Ideas Factory Incubation Centre for digital creative businesses has now been officially opened. It offers specialist incubation environment which is designed for digital creative businesses.
  • Norse Group has been shortlisted for one of the European Business Awards’ top accolades – Ruban d’Honneur status.
  • A drug development business, Inspiralis, has expanded from the John Innes Centre to the Innovation Centre

For full details of the latest economic barometer click here.