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Wales has reasons to be cheerful says Santander chief economist

Santander UK chief economist Barry Naisbitt has said that Welsh businesses are reporting levels of optimism above the UK average, but he warned there is a risk that the eurozone's woes could stifle growth. Recent data shows Welsh business confidence at 42%, above the UK average of 30%. He added that Cardiff's emergence as the fourth most competitive UK city outside London, behind Edinburgh, Bristol and Manchester, reflected a stronger Welsh economic performance. Naisbitt also said an unprecedented fall in the unemployment rate is fuelling improved consumer confidence, and he is confident that with inflation falling to 1.3%, average earnings growth looking like actually over-taking inflation.

 

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