Bolton's economy is recovering, report finds
BUSINESS confidence is returning to Bolton and the local economy could be recovering from the recession, according to an influential national industry expert.
The latest Duport Business Confidence Report for the area shows that, during the first half of the year, there was an increase in new company formations for the fourth year running.
They reported 912 new companies formed in the six months to June, representing a two per cent rise on the same period in 2012.
And in more good news, company closures fell by 10 per cent leading to an overall rise in net company growth — the number of company formations minus the number of closures.
Peter Valaitis, managing director of Duport, said: “The steady rise in company formation suggests business confidence is returning to Bolton, while the fall in company closures implies trading conditions are improving.
“These statistics could mean the local economy is recovering after the difficult financial conditions of the last few years.”
Holly Bonfield, regional vice-chairman of the Federation of Small Businesses (FSB), said: “In this area, the FSB has noticed with interest that calls about turnaround finance or more general debt management help have ceased and that small micro businesses seem to have more time to look outwards.
“They are increasing their involvement in activities such as the FSB’s Conference or local charities like the Bolton Lads and Girls Club, which is a good sign that the economic climate is improving.
“The economy needs to have confident businesses, big and small, to make sure jobs and wealth are being created for UK plc.
“But at the same time, businesses need to have confidence in the economy to take the risk to create jobs and invest. With more firms looking to grow rather than downsize, it’s clear these feelings are returning. Government needs to build on this and the Autumn Statement is the right time to do that.”
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