Norfolk ‘benefits from resilient economy’

Posted 31/05/2012

Companies in Norfolk may have a better chance of making it through the recession than firms in other parts of the country due to the fact the region has a resilient economy.According to the deputy governor of the Bank of England Charles Bean, this could be partly due to the county’s proximity to London, reports the Eastern Daily Press.Speaking on a visit to Norwich last week, he explained other parts of the UK are more reliant on the public sector, which has seen major cuts in the last couple of years.The coalition government targeted the public sector for cuts in a bid to slash the nation’s budget deficit when it came to power two years ago.Addressing Norfolk Chamber of Commerce members at Norwich City Football Club, Mr Bean said: “Norfolk seems to be doing a little bit better than the average. The agriculture is relatively more significant in this part of the world and that is a less cyclically sensitive business.”Posted by Edward O’Rourke