Norwich City Council have released their latest economic barometer. The report highlighted:
Locally
- The East of England saw the fastest growth in business activity of any UK region in December and its pace of jobs growth was second only to the Yorkshire and Humber region
- Consumer spending rose by 5.5% in November – driven by spending on petrol and in supermarkets according to Barclaycard. Travel expenditure rose by 6% and restaurants saw growth of 15.5%
- A Howes Percival survey showed that 55% of businesses leaders are not confident of a positive Brexit impact on their businesses. Firms in the agriculture, automotive and professional service were more encouraged, whilst those in technology, manufacturing and media were less so
- Residential property prices are picking up say the RICS. With 21% more surveyors reporting a rise in new buyer enquiries
Nationally
- UK Manufacturing sector ended 2016 on a positive note, with rates of growth for production and new orders reaching a 2 year high
- Retail sales in December dropped 1.9% from the previous month. With sales across all main retail sectors declining. However ONs figures showed that in comparison to the same time the previous year overall sales were up 4.3%
- The fall in Sterling since Brexit has started to feed into the economy. Rising air fares, food and petrol prices all help to push up inflation
- Lenders reported an increasing number of borrowers facing difficulties in repaying loans and overdrafts at the end of the year
- Retail sales volumes rose by 0.9% – much stronger than expected
For full details of the latest economic barometer click here.
