A new report published by Insight East shows that the East of England region compares favourably alongside global economic powerhouses such as Massachusetts/Rhode Island, Virginia and California in the United States, and Tokai in Japan. The report is the culmination of a study looking at 23 different measures of competitiveness aimed at providing a better understand of the international strengths and weaknesses of the region’s economy.

The latest official estimates indicate that the UK recession ended in the 4th quarter of 2009. Official preliminary estimates indicate that economic output (GVA) increased by 0.1 per cent in the fourth quarter of 2009. The latest UK economic output performance figures reinforce the view that recovery will be slow. HM Treasury’s average of independent forecasters suggest 1.4 per cent economic growth in the UK in 2010.

The latest labour market statistics show that unemployment has fallen in the East of England, by 0.3 percentage points to 6.3 percent (compared to 7.8 per cent nationally). The number of unemployed claimants and the claimant rate fell to their lowest since February 2009. Claimant unemployment fell for the fourth consecutive month, falling by 238 people in December with the claimant rate falling by 0.1 percentage points to 3.3 per cent.