Business confidence and expectations are better than they have ever been at any time since the recession began, according to the latest report from the region’s economic intelligence centre Insight East.
The new evidence comes from Insight East’s second Quarterly Economic Brief, covering Q2 - April to June 2009. A summary of the report is available on the Insight East website www.insighteast.org.uk. Insight East was launched by the East of England Development Agency (EEDA) in March this year as an independent economic research and analysis unit for the region’s leaders.
Glenn Athey (pictured above), director of Insight East said: “Business confidence is improving and is at its highest since the recession began. There is no doubt that the regional economy remains in a ‘fragile state’ with slowing industrial output and the number of people out of work at a 12-year high.
“However, there is some evidence that the rate of job losses is slowing and that house prices are recovering faster in the East of England than in other regions across England.
“Our findings support those of other economists in the region and will add to the growing feeling of optimism that the worst may well be behind us.”
If policymakers are to deliver effective, evidence-based policy to improve the economy of the region, they need the evidence to back it up in an accurate, timely and accessible format and this is the role of Insight East. This analysis and other reports from Insight East will help decision makers better understand the economy.
EEDA has £30 million of business support available every year to help businesses survive and grow – go to www.bizmapeast.co.uk to navigate the network of business support.
About the East of England Development Agency
The East of England Development Agency (EEDA) is the driving force behind sustainable economic regeneration in the East of England: Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk. EEDA’s vision is for the East of England to be an ideas driven region that is internationally competitive, harnesses the talent of all and is at the forefront of the low carbon economy. For further information visit www.eeda.org.uk
About Insight East
Insight East – the new economic intelligence centre for the East of England – was officially declared open in March 2009. Funded by the East of England Development Agency (EEDA), Insight East has been developed to help decision makers better understand the economy.
The Insight East team will analyse economic data to provide clear and succinct reports on the key trends and issues facing the East of England. The service will provide answers to questions such as how the economy is performing, how it’s changing and where growth may come from and when.
EEDA’s impact
An independent report from PA Consulting and SQW published on 31 March 2009 showed that EEDA has had a positive impact on the region’s economy. The report drew on evaluations of over 60 per cent of EEDA investment between 2002-07. It found that for an investment of £142 million, between £525 million and £820 million of wealth has already been created for the region. This represents a return on investment of £3.70 to £5.80 for every £1 invested - with a mid point of £4.75.
With future benefits of projects and programmes taken into account, EEDA’s contribution to the regional economy would be worth between £874 million and £1.3 billion. This would represent a return on investment of between £6.10 and £9.10 for every £1 invested – with a mid point of £7.60.
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