Chamber of commerce optimistic despite disppointing growth estimates (From Hereford Times)

Herefordshire and Worcestershire Chamber of Commerce optimistic despite disappointing growth estimates

4:30pm Wednesday 25th January 2012 in Business By Mark Bowen

THERE is still room for optimism despite disappointing estimates about economic growth.

That's the view of the chief executive of Herefordshire and Worcestershire Chamber of Commerce following the publication of preliminary estimates by the Office for National Statistics for Gross Domestic Product in the fourth quarter of 2011.

These show economic output shrank by 0.2 per cent in the fourth quarter - a drastic slowdown from the 0.6 per cent growth recorded in the previous quarter.

“The UK economy is facing difficult challenges, but there is no need for undue pessimism," said Mike Ashton.

"The latest forecast predicts that the UK economy will outperform not just the Eurozone as a block, but major economies such as Germany and France."

Mr Ashton called for a reduction in red tape, cancelling the planned increase in business rates, providing more support for exporters and implementing an effective credit-easing programme.