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news opinion
There’s a momentum. It’s across multiple sectors and it has more pace to it than we all expected. And it looks – whisper it – like it might be sustained
The recovery has finally arrived. Business people are talking positively about activity picking up. Orders are coming in, employers are recruiting, consumers are spending.
We are not talking about a boom here. But there is a general consensus that the economic wind changed direction three, perhaps six, months ago and it is now warmer and calmer and has less of that icy, arctic feel about it.
The interesting thing is that recovery is being stoked by domestic demand. Despite all the talk about exports, overseas markets are still weak in many places, whereas the consumer in the UK has suddenly rediscovered optimism.
The rise in confidence has come from strong employment growth, an upswing in the housing market, and – this cannot be overstated – the effects of stable, and very low, interest rates.
Indeed, the Bank of England governor Mark Carney has given some well- timed forward guidance, saying that interest rates would not rise until the national unemployment rate falls to at least 7%. In other words, signalling a period of stability that might well last for three more years.
Since economists have been saying that one of the biggest threats on the horizon would be a sudden surge on interest rates, this is music to the ears of business people across the UK.
From carnage to Carney. It’s looking promising. We just have to hope that stability is the key message so that the recovery can pick up steam through 2014.
In line with this positive outlook, we are celebrating Women in Business – announcing our finalists for the inaugural awards competition, sponsored by Barclays, Deloitte and Blake Lapthorn. A superb shortlist it is too – see page 6.
David Murray Publisher
www.businessmag.co.uk
Watermark WestQuay plans approved
Hammerson’s outline planning application for its £70 million Watermark WestQuay scheme has been approved by Southampton City Council.
Councillors voted unanimously to support the 950,000 sq ft mixed-use scheme, which is immediately adjacent to Hammerson’s jointly- owned 820,000 sq ft shopping destination WestQuay Shopping Centre.
The masterplan will be delivered in two phases with the first phase comprising a landmark cinema building, up to 15 restaurants and additional retail space, alongside newly- created public space in front of the city’s historic walls.
The second phase has the potential to include a residential tower, a hotel, flexible office space, restaurants and additional public space.
Guy Wells, development manager for Hammerson, said: “The site offers a unique
opportunity to transform a redundant brownfield site and will ensure that Southampton continues to provide residents and visitors with a fantastic retail and leisure offer in the city centre.
“We have been extremely encouraged by the support we have received during the planning process and following the determination of the application we will now begin work on our detailed designs for the first phase.“
Hammerson originally developed WestQuay shopping centre, anchored by John Lewis and Marks & Spencer, in 2000. The centre attracts 17 million consumers a year and recently launched Dining at WestQuay, a £7m catering extension which attracts new restaurant brands to the centre and Southampton.
ACME designed the masterplan for Watermark WestQuay and Barton Wilmore is providing planning advice on the project.
Poole aims for best town centre
Ambitious plans to make Poole the best town centre experience in Dorset have been launched by the Poole Town Centre Partnership.
Following consultation with retailers, landlords, local businesses and the Borough of Poole, the Partnership has developed a five-year plan to improve the town centre.
As well as strategic work with the Borough of Poole and local landlords on the introduction of a Local Development Order (LDO) which will make changing the type of business use and filling properties in the town centre easier, the plan includes practical measures aimed at directly improving the experience of regulars and visitors to the High Street.
Work has already begun in the High Street with new lighting in the trees, dressing the town with bunting and seasonal floral displays which will be followed by the painting of street furniture and more events.
In the October issue of The Business Magazine
• Law South East/The Legal 500 • Women in Business Awards • Commercial Property • Christmas Hospitality • Manufacturing • Banking Update
Details: 0118-9766410
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THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – SEPTEMBER 2013
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