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Cabinet Decision: 6th August 2009
Title of Item/Report
Economic Climate Update report
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 was having on Stockton Borough, 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 enabled a focussed account to be made of the changes to economic circumstances, the direct impact that this may be having on the Borough, and the responses and mitigations either in place or being developed to support businesses and residents. A summary of those changes and responses was provided to members.

Cabinet discussed the recent announcement that the Swallow Hotel, Stockton would close, immediately, with the loss of 70 jobs. It was noted that the Council had had no warning of the closure from the administrators. The Council would provide as much help as possible to the staff affected and also individuals who had booked rooms and or events at the hotel. Noted that officers would be attempting to acquire more information about the circumstances behind the closure.

It was noted that the update report included details of business/ economic related planning applications. Members requested that a broader explanation of those figures be provided.

RESOLVED that report be noted and the work being undertaken be supported.
Reasons for the Decision
The global economic slow down was having a significant affect on local businesses, residents and Council Services.

Alternative Options Considered and Rejected
None
Declared (Cabinet Member) Conflicts of Interest
Councillor Nelson declared a personal, non prejudicial interest in this item as he served on the Stockton and District Advice and Information Service Board.
Details of any Dispensations
not applicable
Date and Time by which Call In must be executed
By Midnight, Friday, 14th August 2009
Attachment

Date of Publication: 10 August 2009


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