Stockton-on-Tees Borough Council

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Cabinet Decision: 5th March 2009
Title of Item/Report
Economic Climate Update
Record of the Decision
Consideration was given to a report that provided Members with an overview of the current economic climate, outlining the effects that this would have on Stockton Borough, and the mitigations already in place and those being developed in response to this.

A report was submitted to Cabinet in December 2008, which set the scene of the economic downturn, and the effects that the global recession and economic climate were having on businesses, rising unemployment, and mortgage repossessions.

The monthly update report would enable a focussed account to be made of any recent changes to economic circumstances the direct impact that this may have on the Borough, and the responses and mitigations either in place or being developed to support businesses and residents. Members were provided with a summary of the economic changes that had taken place and noted both negative and positive effects.

Members were encouraged by the many positive circumstances identified in the report and highlighted how useful the recent busting the credit crunch events had been.

Particular discussion took place on the announcement that BMI had terminated its service from Durham Tees Valley Airport to Heathrow. It was estimated that the cost to passengers of the withdrawl of the service was 2.3 miillion/year and to the business community 1.4 million/year. Members were very concerned about this development and its impact on the whole region. It was considered that it was important that relevant organisations in the region lobbied MPs and government ministers with a view to securing a solution to this problem.

RESOLVED that:-

1. The report be noted.

2. The work being undertaken be supported.
Reasons for the Decision
The global economic slow down is having a significant effect on local businesses, residents and Council Services.
Alternative Options Considered and Rejected
None
Declared (Cabinet Member) Conflicts of Interest
Councillor Lupton declared a personal non prejudicial interest in this item as he was a Durham Tees Valley Airport Board Member.

Councillor Cook declared a personal non prejudicial interest in this item as he was employed inn the petro chemical industry.

Councillor Cunningham declared a personal non prejudicial interest in this item as he served on the Regional Development Agency.

Details of any Dispensations
Not applicable
Date and Time by which Call In must be executed
Midnight on Friday 13th March 2009
Attachment

Date of Publication: 09 March 2009


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