Call for Local 'Economic Summit' on Credit Crunch Woes

3.23.15pm GMT Tue 28th Oct 2008

The Borough's two MPs and the Council are planning an 'economic summit' of local businesses and those affected by the recession in the economy and the squeeze on credit.

The aim is to take stock of how seriously the crisis is affecting local high streets and to look at what can be done locally - as well as nationally.

Vincent Cable MP said: "All the feedback I get from local shops and businesses is that things are bad and getting worse. Shops report sharp falls in sales. Estate Agents report sharply falling house prices and sales. Since our Borough has the highest level of personal debt per head in the country, local businesses stand to be hit badly by any change in behaviour involving an abrupt drop in spending.

"The Council has offered to work with the two MPs to host an event bringing together representatives of local shopping centres, leading local employers, bank managers, property agencies, unions and bodies like the CAB to assess how serious the problem is and whether there are any remedies."