We should not be too pessimistic about recession say business leaders in Bury St Edmunds and Suffolk

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Business leaders have said that the economy’s slide back into recession merely shows that the recovery is yet to get started.

The Chamber of commerce in Bury St Edmunds and Suffolk says that despite the 0.2 per cent fall in the country’s gross domestic product (GDP) which takes us back into recession, we should not be too pessimistic.

Andrew Denny, president of the Bury chamber said: “It is a very marginal change. Rather than a double dip recession it simply shows that the overall economic recovery has not yet started.

“In Bury St Edmunds there are many businesses that are clinging on in the hope of an upturn in trade.

“Some local businesses are finding trade extremely very tough but some are achieving growth, especially start up businesses and those that have found a niche.

“As the saying goes cobblers do well in a recession but shoes shops do not.

“We have seen clothes shops close in Bury but several tailors have opened. The same changes are happening in industry.

“I have heard a number of young people who have started their own businesses because they say they have nothing to lose.

“That entrepreneurial spirit is strong in the region and will put us in good stead when the recovery comes,”

It was a similar message from Suffolk chamber chief executive John Dugmore.

He said “These figures paint an unduly pessimistic picture of the state of the economy.”

“Business surveys, including our very own quarterly economic survey, have shown a more positive picture, and we believe these give a more accurate indication of the underlying trends in the economy,” he said.

“While it is clear that economic growth in the UK remains much too slow we see regular signs in Suffolk of hard work and commitment going into a sustained recovery.”