Picture caption: Ross Gurdin, policy advisor at Birmingham
Chamber of Commerce Group
Reeling at the latest GDP figures which grew by only 0.2 per
cent over the last three months, West Midland business leaders
stress that there needs to be more investment, more quickly in the
region.
Ross Gurdin, policy advisor at Birmingham Chamber of Commerce
Group says that the high speed rail link, while not a short term
solution will help to boost the economic recovery, but the
Government needs to invest more in short term projects.
He said: "CPI inflation currently at 4.2 per cent has eaten into
household budgets as wage settlements, largely below the rate of
inflation, mean that households have less disposable income.
Retailers have been forced to begin their summer sales
earlier and are offering bargain-basement prices in an effort to
remain competitive. Add to that the Japanese earthquake which
disrupted manufacturing supply chains, a raft of bank holidays
around Easter and high fuel and utility costs and you have an
extremely challenging market for businesses in the UK.
"HS2 will create 22,000 jobs in the West Midlands and will boost
our regional economy by £1.5 billion per year, but it is a
long term prospect. The Government needs to invest more in
short term projects."