He would like the failed political leadership in Europe to becomes aware of their responsibilities and actually stabilises the euro "since they are so hell-bent on keeping it". The UK Government should protect and ring fence the UK's world leading financial services sector from interference from Brussels and make inroads into reducing the burden of red tape on British business.

The UK Government should decide if it wants UK clearing banks to lend, or build their balance sheet, and finally "get it" that they can't do both. China and India should realise that they are stakeholders in the recovery of the Western economies, as they can't sell to people who have no money.

And what does he expect to happen?

None of the above, but he expects the euro stabilisation to be the most likely to occur.

Richard Perry, chairman, Institute of Directors, Gloucestershire

The current economic environment for businesses in Gloucestershire is perhaps more formidable than at any other time since the 1940s.

If the UK and local economy is to succeed going forward we need to be bold and dynamic.

It will be essential to consider the international aspects and how the UK economy maximises the opportunities of a higher global population and fast-changing world.

As our Olympic year unfolds perhaps this is the ideal time to forge new relationships and opportunities as the world comes to the UK. Gloucestershire is ideally placed in terms of its skills and resources to lead on the wealth creation the economy needs.

Ian Selwood, partner Randall&Payne, Accountants and Business Advisors

To help businesses we would like to see a sustained boost in confidence which would encourage business leaders to invest in their businesses both in terms of capital and recruitment.

The Government handling the UK position well in Europe would be a boost.

And the Government starting to invest in infrastructure for the future benefit of the country would boost the economy, together with credit easing, particularly banks being willing to lend to SMEs and a reduction in red tape.

Recent changes in employment law are encouraging.

And what we expect to happen.

Bank funding constraints – continued difficulty in obtaining bank funding, price pressures – customers demanding discounts and a lack of confidence holding back growth. While there may be a general feeling that 2012 will be a difficult year, it is possible for businesses to thrive by growing their market share in a reduced market.

Mark Owen, chairman of the Gloucester branch, Federation of Small Businesses

Napoleon was right and it's time we proved him wrong. When the French emperor dismissed the British as a "nation of shopkeepers", he was in fact being quite prophetic. For the last couple of decades the British economy has looked to the retail sector as the engine which drives things along. In the long run, we need to learn to be less dependent on the retail sector and get back to manufacturing.

What will 2012 bring? The reality is that it is likely to bring more of the same. The politics and economics within the Eurozone will not be resolved before the new year. The risk to the UK economy that this brings cannot be underestimated.

Sector strengths add to the resilience of Gloucestershire generally. Whatever pain Gloucestershire has to endure there will be many more counties and countries in a much worse position.