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Region ‘in shape’ to handle slump
5:10pm Friday 5th September 2008
THE Minister for the North West has said the region’s economy could cope with the economic slowdown.
Beverley Hughes told an audience of business leaders that the area was equipped to deal with the economic problems thrown up by the credit crunch and rising oil prices.
She said: “I believe the North West region is now more resilient and in better shape to cope with more difficult economic times. Over the past decade, the North West economy has enjoyed a period of unbroken growth.
”During this time there has been a significant structural shift in employment away from manufacturing towards the hi-tech sectors including biotechnology, digital and creative, chemical, aerospace and financial and business services ”This shift means the region’s economy is very different than when it faced the economic downturn of the 1990’s.”
She was joined by Treasury Minister Yvette Cooper at the event to launch a £10m fund to help 1,000 businesses in the region respond to the worse-ning economic situation.
The support progra-mme will target new companies that have the potential to grow to £500,000 in three years or established companies that can achieve a minimum growth of 20 per cent per annum.
Steven Broomhead, chief executive of the North West Regional Development Agency, said: “Businesses are telling us that access to finance is their number one priority.
“And we are making sure our services reflect that need.”
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Kevin, Colne, Colne says...
6:50am Sat 6 Sep 08
We might look in great shape but how much of the economic growth during the last decade has come from savings and investment and how much from credit (debt) and consumption?
The North West has long had a manufacturing base that included chemicals and aerospace, so the comment that we've moved into these activities is bizarre.
Moreover many service activities are 'foot loose' and are supported by discretionary spending. Some of these can be re-located easily to other regions or countries while others will suffer a catstrophic collapse in a recession as folks hunker down and spend their money on essentails.