The South West economy has made strong progress in the last decade, with its relative position on productivity (GVA per hour) improving markedly compared to the UK average. However, prospects for the global and UK economies have become markedly less favourable over the last twelve months, especially in contrast to the long period of economic expansion to 2007.  
 
As signs of the global and UK slowdown become more significant, we are working hard with our partners to put strategies and support services in place to help steer the South West economy through these testing times. The sections here give more detail on how we are planning for the future and also detail the services and support that are available to help both businesses and individuals adapt to the new climate. 
 
Our economic intelligence team produce a quarterly economics review that details the current position and future prospects for the region. To view the latest review (along with previous editions), please visit the Economy section.

Action at National and Regional Level

The emerging economic crisis over recent months has prompted a range of action from central government to address the situation. 
 
As well as the decision to provide emergency funding to help stabilise the financial situation, a number of committees have come into force to focus assessment and action at the national and regional level. These include the National Economic Council, the Regional Economic Council, the Council of Regional Ministers and region-level groups or task forces.

Help is already at hand

Government and the South West RDA have developed a joint response to changing economic circumstances which provides a current snapshot of the regional economic picture and details the help and support that is available to both businesses and individuals.

Business Support

With Government and our delivery partner, Business Link, we're committed to simplifying and improving access to all of the business support products we invest in and implement. The new "Solutions for Business" portfolio will simplify the support products available and ensure future investment is directly targeted at the areas that are most important for the future of the regional economy. 
 
In light of the current economic climate, we have also produced First Steps: Action for Recovery (Adobe Acrobat Reader Document - 212.33kb); this document outlines our plans and intentions to refocus and enhance business support in the coming months.

Real help with finance now

The government has introduced a new package of financial measures, as part of its Solutions for Business, to provide real help to firms through the economic downturn. If you have short-term working capital constraints or are looking to invest to grow your business these schemes could help you.