Mixed Results from the Norwich Economic Barometer

Norwich City Council has released their latest Economic Barometer. The report highlighted that retail sales fell unexpectedly in January with volumes falling 0.6% over the month as a result of heavy snow. The Pound continued to weaken against the US Dollar and the Euro as a result of persistent worries about the health of the UK economy. In addition, umemployment has risen and has now surpassed the previous peak from February 2010. The UK housing market showed signs of improvement with mortgage lending increasing, led by a big rise in first-time buyers. The Council of Mortgage Lenders also reported that the number of homes being repossessed fell to its lowest annual level since 2007. InCrops, an Adapt Low Carbon Group initiative, based at the UEA, has received £750,000 of additional funding from the European Regional Development Fund (ERDF). This additional funding will allow InCrops to continue their programme to promote innovation in alternative and non-food crops until March 2015. Two HMV stores in Norwich and one in King’s Lynn have survived a round of cuts by the adminstrator, Deloitte, despite increased speculation that a least one store in Norwich would closed to help drive down the debts of the beleaguered retailer. A new era in local television broadcasting was launched at the end of January with the start of the country’s first dedicated web TV. Mustard online will stream an array of videos aimed specifically at viewers in and around Norwich. The full Norwich Economic Barometer report is attached.

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