Cheltenham and the Cotswolds although affluent areas, the region has not been immune from the recession as UK unemployment recently soared to over 2 million in the first time since 1997. One of Cheltenham and the Cotswold's key businesses – tourism, on which the local hotel industry and smaller private businesses are dependent, fared as one of the best in England according to a recent survey of locations. Although revenue per room fell occupancy rates remained high. This is thought to have been supported by the fact that more British holiday makers took short breaks or holidays in the UK in areas such as the Cotswolds rather than going abroad. Cheltenham and the Cotswolds in particular is also very popular with global visitors especially the Americans and Japanese who love the area's quaintness and charming character. The fall in the British £ has also meant that it is currently cheaper to visit Britain.

In such economic times the recession has had an impact on us all, whether it has been from an employment to savings, we have all seen the impact of the catastrophe of the financial market, through its naive investments in the American sub-prime housing market, and a question we are all asking is who ruined Britain?

Cheltenham has not gone unharmed with many redundancies in Cheltenham from employer s such as Smiths Industries, Dowtys, and Woolworths, Renishaw in nearby Stonehouse and not to mention the threat of another 900 jobs at the Cheltenham and Gloucester, with their head office just outside Cheltenham, who now appear to be reconsidering their options. Cheltenham & Gloucester staff has been given a ray of hope after its new owner Lloyds has made a u-turn on its decision to close all 164 C&G branches, which would have brought nearly 900 job losses. It is now reviewing the planned closures, but have not yet given further details of what would happen to jobs and branches further in the future.

One of the major employment industries in the area is agriculture, which although it has had a better harvest than the previous two years is still struggling, as retailers are demanding cheaper and cheaper prices for their produce during such hard economic times. This in turn has also reflected in more workers in agriculture losing their jobs and farmers having to work harder and harder just to survive in such economic times.

One area where companies are faring better is in the small to medium size private companies, who can control their finances and have the flexibility to make changes to accommodate the current financial climate, providing they are not solely reliant on bank funding which is still proving hard to come by for many small companies.

More and more people are increasingly looking online for job opportunities online such as Activ Cheltenham and even the possibility of working for themselves, there are an array of new opportunities out there just waiting to be explored and many can be achieved for very little investment.

Cheltenham Borough council are offering extra funding to help small – medium size companies and new start-up companies. Gloucestershire Media Group, has been supporting, developing and promoting the creative media sector in Cheltenham and the county for the past 5 years, funded by Cheltenham Borough council. The group is a network for creative businesses and individuals and start-up businesses that are looking to grow, it currently has over 700 members, and is growing twice as quickly as any other sector in the South West, it delivers initiatives to help the sector grow and develop to increase sales in the recession. Free industry-led training is also on offer.

To improve the image and as a unique showcase the Olympic swimmer Sharon Davies will present an event titled the ‘GMG Village Fayre' on 18th September 2009.

With general unemployment rising, the jobseeker count in Gloucestershire actually fell by 169 from mid June – mid July. It is said that private companies in the area are starting to recruit again, but in the public sector are starting to make cuts with a squeeze on jobs in councils, hospital, universities, the MOD.

GCHQ is a largest employers in Cheltenham for the UK's intelligence and security, and is predominantly IT based, is recruiting for new phases in its procedures.

Cheltenham Borough Council has provided an extended range of services and business support for Cheltenham business. These include training, Business Pride grants, Business networks, Events, Cutting costs, Volunteering, Hester's Way OutReach Programme, and start up programmes.

With many areas of the economy affected by the recession, there are a few careers which are expected to remain unaffected by the recession. These are: Education and Training, Healthcare and Pharmaceuticals, Energy and Utility, Law and Order, Technology, the government sector, environmental services and the skilled services. This is not to say any job in this area is recession proof, but it may be less likely.

Cheltenham retail sector although it has seen a drop in sales over the same period last year ha s actually fared well with few retail closures in the town centre compared to many town centres across Britain, leaving the remaining shops struggling, as visitors look to shop elsewhere, where there is more on offer.

Marks & Spencer in Cheltenham is opening a new branch in September in Kingsditch Retail Park creating 45 new jobs in the town.

Cheltenham has seen more than its fair share of job losses already, but as the economy picks up and the property market starts to move as it is beginning to show signs of in this area, confidence will grow. Property in Cheltenham and the Cotswolds has held its price well compared to other parts of the country and the economy in Cheltenham is set to make a good recovery, but it could still be some time before it is back to anywhere near where it was before the recession hit.