Executive Director Tony Mernagh gave a presentation on the local economy to the annual gathering of the city’s official tourism department and business partners throughout Brighton & Hove. Looking at the next couple of years his main message was, be prepared.
He reported that, although the city had weathered the recession quite well so far, the road to full recovery was likely to be long and slow and it was essential that businesses didn’t relax and assume that it was all over.
With unemployment likely to continue rising for another year to 18 months, house prices likely to bump along the bottom for some time to come and the prospect of higher taxes and reduced public spending next year, it seems unlikely that the economy will be buoyant.
It is essential that businesses prepare for very limited growth and the possibility of dipping back into negative territory over the coming six or seven quarters. Even if the December quarter shows a return to growth and a technical end to the recession, as a city and a country we still won’t be out of the woods.
For a copy of the presentation click below
Click here to download Visit Brighton 2010 presentation
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24 July 2010