New figures released by Barclays have delivered good news for the Bury St Edmunds economy in the first quarter of 2015.
Mrs Churchill said: “Consumer spending has increased 6% from this time last year. Overall turnover for small business is up 4% for the same period. Spending in pubs and supermarkets is up 8% and 4% too.
Personal savings have increased 8% on average over the last year, with 30-39 year olds and 60 year olds plus increasing their savings balance by 14% and 8% respectively. More than half of my constituents have savings and incomes greater than the national average.
As the joint largest industries in the constituency, construction / real estate and retail have experienced a 15% and 2% increase in turnover, compared to 9% and 1% respectively across the rest of the country.
Most businesses across Bury, Stowmarket and Needham Market are SMEs and have turnovers of less than £1 million. Across my constituency small business turnover increased 4% over the last year and their average turnover is 14% greater than the rest of the country. Indeed, 64% of start-ups here are still trading after three years, compared to 59% nationally.
These figures show how robust our local economy is, what a great place the Bury St Edmunds constituency is to do business, and how the hard work and dedication of Suffolk businesses is paying off.”
