- UK interest rates held at 0.5 percent
- Manufacturing growth slowed in the East of England
- Norfolk saw strong growth in employment and investment in last year
- West Norfolk agricultural seed company expands into NRP in Norwich
- Ikea to invest in an experimental store in Norwich
The latest economic report, has been published by Norwich City Council and highlighted that the Bank of England held interest rates at 0.5% and the UK’s inflation rate rose out of negative territory to 0.1% (from -0.1% in April).
Manufacturing growth in the East of England slowed in the second quarter according to a report by the industry body EEF. The results of the last British Chambers of Commerce, Quarterly Economic Survey (QES) published on 9 April, did show a slow down in manufacturing, which has been borne out in the latest EEF findings. The next QES report is due to be issued on 7 July 2015.
A recent study by Grant Thornton showed that in the last year Norfolk had seen strong growth in both employment and investment. The combined turnover of the top 100 Norfolk companies grew by 10.7%. Employment levels rose by 5.7% with the majority of news jobs being created in the services sector.
Chamber Gold Patrons, Germains Seed Technology has now opened a new laboratory in the Centrum building on the Norwich Research Park. Germains will use the lap for its global research and development programme to boost crop resilience.
June also saw an announcement from Ikea that they will be basing a new experimental store format at the Sweetbriar Retail Park in Norwich.
Details of the full Norwich Economic Barometer can be view here.
