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Economics Review
June 2010
Signals are still mixed on the state of the economy, according
to the latest quarterly Economics Review from the RDA which warns
that painful adjustments could lie ahead.
Economics
Review - Issue 20, May 2010 (pdf document)
It says that the key risk is that the new government’s fiscal
tightening will dampen demand in the region before the private
sector is ready to fill the gap. At a time of fragile recovery,
with almost one fifth of the South West's workforce in the public
sector (a similar proportion to that in the North West of England,
the West Midlands and Yorkshire), this is not the moment to risk a
double dip recession with disproportionate public sector spending
cuts on our region.
For more information, see the following media articles:
http://www.thisiscornwall.co.uk/news/South-West-shortchanged/article-2267755-detail/article.html
http://www.timesonline.co.uk/tol/news/politics/article7135563.ece
http://www.thisisbristol.co.uk/news/Projects-West-worst-hit-cuts-warns-MP-Cable/article-2268908-detail/article.html
“Ultimately, it will be good for the region to rebalance its
economic activity away from domestic consumption and public
employment,” says the report.
“But it could be a painful adjustment in the short term,
especially if the fiscal ‘cuts’ are in areas where the South West
is strong, such as defence, or if tax increases hit demand for
particular South West products and services, and jobs (such as
tourism).
“Nevertheless, the key issue for South West England’s
development will remain how we can re-direct resources away from
the growth points of the last expansion to the growth potential for
the next,” it adds.
The Review, published in May, includes sections on Economic
Policy, as well as on the World, UK and South West economies. It
also includes special papers on Spatial Intelligence and South West
International Trade.
The research highlighted that whatever form of regional or local
structure evolves from the current situation, it will be important
to discuss the most appropriate geography for economic development.
It looks at long term growth prospects, functional market areas,
and agglomeration and spill-over effects in South West England.