Economic Scene

The economic forecast for the UK in 2008 does not make pleasant reading. The effect of the sub prime lending crisis remains with banks continuing to be nervous over lending. The Northern Rock debacle remains unresolved and with time running out it looks increasingly like the Bank will be nationalised. Sterling’s value is dropping through the floor against the Euro, 76p at time of writing, and also weakening against the dollar. The likelihood of further rate cuts in the UK during the year will do nothing to arrest this trend. After a quarter percent cut in December, the Bank of England decided to leave rates on hold at 5.5% in January but a further cut in February is virtually a given, despite inflation risks from higher energy prices. Forecasters predict a rate of between 4% and 4.5% by the end of 2008. This will be necessary to kick start the housing sector and inject a degree of consumer confidence back into the high street. The government will be determined to avoid a recession at all costs.

 

Many independent businesses will be awaiting the Chancellor’s decision on the treatment of capital gains tax following the ill thought through announcement in the Pre-Budget statement late last year. Time is now running out as April approaches and the Chancellor must announce his review finding shortly. With both Northern Rock and CGT on his mind, Alistair Darling cannot be sleeping too easily right now!

 

Retail Scene

The economic downturn was, not surprisingly, reflected in retail sales over the Christmas period. There was a huge contrast in the performance of the two high street bellwethers – John Lewis and M&S. John Lewis saw like-for-like department store performance up 6.2% with Waitrose up 4.1%. This compared with M&S reporting a like-for-like fall of 2.2% resulting in a fifth of its value being wiped of its share price. Tesco reported sales up 3.1%, below City expectations but a solid performance with international sales up over 26% and on-line sales increasing by 24%. Yet overall, BRC sales monitor reported a disappointing like-for-like rise of only 0.3% compared with recent years performance up 2.6% for the period. It is inevitable that retail sales will very much mirror the economy in 2008 with pundits not forecasting a dawn until early 2009. The economy and retail are in for a rough ride in 2008.

  

Letter To Lee Scott

C/O

100 High Street Barkingside,

Ilford,

Essex. IG6 2DR

 

Wednesday 16^th January 2008

 

 

Dear Lee Scott

 

Could you please advise the Partnership on the following information regarding Barkingside High Street:

 

Transport for London has provided funding for the traffic management measures and CCTV in the current financial year which Area 3 Committee has approved. The allocation also allows for the implementation of the build-outs if approved. New lamp columns and improved street furniture will be implemented during 2008/9. There may be further opportunities for public realm improvements as part of future regeneration proposals which could be included in bids for external funding.

 

Can the Barkingside Business Partnership also be involved in the decisions to be made on the type of new lamp columns and improved street furniture and future regeneration proposals?

 

Regards

 

Paul Burke

Chairman

 

 

Lee Scott MP

House of Commons
London
SW1A 0AA

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BARKINGSIDE HIGH STREET

Consultation letter regarding the Sydney Road and Waverley Gardens junctions, the aim of the build-outs would be to physically prevent cars parking on the end of the marked out pay & display bays and to improve sightlines for traffic turning into the High Street as give-way lines would be moved forward in line with the outer edge of the build-outs. It is intended that the results of this further consultation will be reported to the 23rd January 2008 meeting of Area 3 Committee for consideration.

 

Transport for London has provided funding for the traffic management measures and CCTV in the current financial year which Area 3 Committee has approved. The allocation also allows for the implementation of the build-outs if approved. New lamp columns and improved street furniture will be implemented during 2008/9. There may be further opportunities for public realm improvements as part of future regeneration proposals which could be included in bids for external funding.