The PACE of economic growth slowed and business confidence declined in the last three months of 2011 in Derbyshire, according to a regional survey.
Derbyshire and Nottinghamshire Chamber of Commerce’s latest Quarterly Economic Survey shows there was only small growth in the Derbyshire economy during the final quarter of the year.
Businesses reported less positive sales in the UK market, and the decline was significant in Derbyshire with firms reporting a 17 per cent reduction.
DNCC chief executive George Cowcher said: “The results are disappointing and point to a continuing downward trend in business confidence levels.”
The chamber says the number of businesses which recruited during the quarter dropped and although there was overall jobs growth, the rate is reducing.
Analysis shows although 40 per cent of Derbyshire firms attempted to recruit during the quarter, businesses reducing workforces are shedding an average of 5.6 workers compared to expanding firms which are increasing by an average of 4.4 workers.
The current economy, according to DNCC, has dropped back to late 2009 and early 2010 levels and firms are reporting a significant slowdown in UK orders with reduced levels of confidence.
Mr Cowcher feels the Government could do more to mitigate a 5.6 per cent business rate rise due in April and called for National Insurance incentives.