Urban regeneration in Bradford is key to the success of the city in 2002, according to a leading Bradford businessman.

John Pennington, president of Bradford Chamber of Commerce, believes the setting up of an Urban Regeneration Company in 2002 would be a massive boost for the city.

"Looking forward to the new year on a local level, this is the one thing which is of vital importance," he said. "It is desperately needed to bring investment into the city." Bradford Council has given its backing to the formation of the Urban Regeneration Company. Led by business with support from the Council and Bradford Vision, it has the potential to unlock hundreds of millions of pounds of inward investment.

On a national level, top of Mr Pennington's new year wish list is for bank rates to stay the same. "We would like to see them stay where they are or even drop a little," he said.

"We also need more help for small businesses from the Government. There needs to be more cutting of red tape which we are over burdened with.

"This is stifling entrepreneurs and stopping people coming along and setting up new businesses, which are vital for the local economy.

"I have set up four businesses in my time but even I would think twice now about setting up another one in the current climate."

Despite reports of a rise in consumer confidence, a key ingredient for economic growth, Mr Pennington believes unemployment could cast a shadow over that.

"I think that rising unemployment could bring all sorts of problems for the economy," he said.