Norwich City Council have released their latest economic barometer. The report shows that the Office of National Statistics reported that Government borrowing fell in the first six months of the financial year and historical data shows that Britain has experienced the strongest recovery of any G7 leading national in both 2013 and 2014.
Business optimism has increased for the first time since February and employment in the region is rising as firms expect growth to continue into 2016 according to BDO.
The latest Markit/CIPS survey data shows that the UK service sector continued to experience a slowing rate of growth, however the construction sector continued to grow, which has been attributed to the easing of pressure on the building materials supply chain.
Weekly wages in the private sector are now growing at an annual rate of 3.6%, which is more than three times the rate of the public sector. A recent FSB survey showed that 38% of small companies expected the plans for the new minimum wage to have a negative effect on their businesses.
A study by ResPublica showed that more people are renting from private landlord than at any point in the last 30 years. 22% of tenants are renting from private landlords and only 9% from public.
For full details of the latest economic barometer click here.
