‘New mine will boost economy’

Martin Weale, left, of the Bank of England's Monetary Policy Committee, visits Scarborough, meeting Patrick Davey, of Axisware, a 3 man software company based in the Woodend Creative Workspace. Picture by Andrew Higgins 122045a
Martin Weale, left, of the Bank of England's Monetary Policy Committee, visits Scarborough, meeting Patrick Davey, of Axisware, a 3 man software company based in the Woodend Creative Workspace. Picture by Andrew Higgins 122045a
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n DR Martin Weale of the Bank of England’s Monetary Policy Committee, said the regional visits are “a very important component of the process of decision making”.

A TOP representative from the Bank of England has spoken about the opportunities and challenges faced by Scarborough’s business community.

Dr Martin Weale, a member of the Monetary Policy Committee, visited the town to find out how local businesses were faring during the difficult economic climate.

His findings will be fed back into the work of the committee, which is responsible for setting interest rates.

Having spoken to representatives from 11 local businesses, Dr Weale said the recent poor weather had hit trade and made things more difficult.

He said: “You hear different things from different people. Some don’t want to invest at the moment and some do.

“The April and May weather hasn’t helped. Everyone is hoping things will improve for the summer.”

Dr Weale also explained that with the Euro falling against the pound, tourism in the town could also face a tougher time, with holidays abroad becoming cheaper.

He said: “Some businesses will not be affected, but people with a hotel or restaurant in the town will be affected by it.”

Dr Weale also said he was very interested to hear about plans for the new potash mine near Scarborough, which could start with production in 2017, employing more than 1,000 staff.

He said: “I’m sure it will be a very good thing for Scarborough. It will change the town a bit, but you can’t expect places to be preserved in aspic. There’s a balance between keeping the historic charm and moving things on.”

On a national level, Dr Weale said the economy was shaping up and he is hopeful that the country will resume fairly normal economic growth next year. However, he said it is difficult to say for certain, as we are “in a situation with no economic precedent.”