North East showing signs of climbing out of recession

Feb 9 2010 by Peter McCusker, The Journal

NORTH East companies can celebrate the end of the recession, but need to plan carefully when it comes to recovery, a top economist and currency trader has warned.

Nick Parsons, UK economist for Yorkshire and Clydesdale Banks, said businesses should not overstretch themselves when it comes to taking advantage of the coming upturn.

And the respected commentator, cautioned that there could be periods of zero growth during the recovery.

Mr Parsons made his comments at a seminar at the offices of North law firm Ward Hadaway.

He told more than 50 of the region's key business people that a weaker pound and recovering global demand could give a boost to North East exporters, but that the need to rein back Government borrowing in the UK, was imperative because Britain’s fiscal position was unsustainable.