CRUNCH TIME FOR ST AUSTELL TOWN CENTRE?

12.00.00am BST (GMT +0100) Fri 2nd May 2008

Stephen Gilbert, the Liberal Democrat Parliamentary candidate for St Austell, has warned that the town centre regeneration may be affected by the national "credit crunch".

Addressing the St Austell Chamber of Commerce breakfast club, Stephen Gilbert said:

"Despite real progress on the site, St Austell town centre is not out of the woods yet.

"Around the country the credit crunch is combining with other trends in the retail sector, like the rise of internet shopping, to cause many of the national retail chains to think twice about committing to new schemes.

"We would be wrong to think that St Austell can insulate itself against these national and global trends, there is bound to be an effect here - not on the completion of the scheme - but possibly on securing the high-end retail stores that we need to help make the town a success.

"At a minimum there may less interest from the national chains and pressure for lower rents, but we need to guard against any reduction of quality.

"St Austell deserves a town centre we can all be proud of, and I am seeking an urgent meeting with the developers to find out how they are responding to the changing economic conditions."