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North East Positivity not Reflected in UK Picture

 

Reacting to confirmation that the UK economy is in recession, after shrinking by 0.3% in the first three months of 2012, North East Chamber of Commerce Chief Executive, James Ramsbotham, said:

James Ramsbotham, Chief Executive of the North East Chamber of CommerceReacting to confirmation that the UK economy is in recession, after shrinking by 0.3% in the first three months of 2012, North East Chamber of Commerce Chief Executive, James Ramsbotham, said:

"The UK entering double-dip recession is incredibly disappointing and while we cannot pretend that there are no concerns over the economy we must not let it undermine the growing confidence of North East businesses, demonstrated in our own Quarterly Economic Survey.

"NECC members don't reflect the gloomy national picture, particularly in the manufacturing and engineering sectors, which have contracted according to the Government estimate, but emphatically not according to our own members.

"The word 'recession' is an incredibly emotive word and carries a big psychological impact and while being realistic about the difficulties we still face we must focus on the positives and all play our part in continuing to bolster confidence.

"There has been a wealth of good news recently at Nissan, Newcastle International Airport with the Emirates investment and Bydgoszcz route, the imminent arrival of Hitachi, Newcastle Offshore Group and the re-birth of steelmaking on Teesside at SSI. We must not let this announcement impact on our optimism for future economic growth."