Business Secretary tells Wiltshire businesses, "every reason to be optimistic" (From The Wiltshire Gazette and Herald)
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Business Secretary tells Wiltshire businesses, "every reason to be optimistic"
10:47am Friday 25th October 2013 in News
Business Secretary Vince Cable was cautiously optimistic about Britain’s economic recovery as he addressed the Wessex Chamber this morning, as new figures reveal GDP has risen by 0.8 per cent.
Dr Cable, who is secretary of State for Business, Innovation and Skills, was guest of honour at the chamber’s monthly breakfast dinner at Cumberwell Park Golf Club in Bradford on Avon, and spoke of a steady road to recovery.
Speaking just before the UK’s growth figures for the last three months were released, he said: “There is rising evidence that there is a return of confidence, particularly to consumers, that is now spreading into the business world.
“The figures will confirm that isn’t just an expectation, but is making a real difference, but it is very important not to get carried away.”
The Office for National Statistics today said there had been a "fairly strong" performance across all sectors, as UK economic output rose between July and September.
The third-quarter figure builds on a 0.7 per cent GDP rise in the April to June period, and is the best quarterly performance since 2010.
Addressing business leaders from across Wiltshire, he spoke of the need to ensure initial signs of recovery were spread across the country.
“Small companies are struggling to raise the cash they need, and the big ones are not willing to make big investments. That needs to change”, he said.
“We know the recovery is a bit patchy, and concentrated in the south and south east, and strong cities like Bristol and Reading, but the key test of whether this is a recovery will be Birmingham and the East Midlands, and that is very much still in the balance.
“The banks are still not functioning properly as agents of business. They are gradually returning to normal and rebuilding relationship networks, but it’s not there yet, and that’s why chambers like this are so important.
"I think the outlook is a positive one, and we have every reason to be optimistic, but we have to be realistic as well.
"In the development of new technologies Britain has the potential for really going somewhere this time."
After addressing the Chamber Dr Cable joined Wiltshire Council leader Jane Scott OBE for a private meeting.