Member Article

North West business leaders welcome economy growth

North West business leaders have welcomed the news that the economy continued to grow in the last quarter.

Figures released by the Office for National Statistics show the UK economy grew by 0.7% in the fourth quarter of 2013, bringing the annual growth rate to 1.9% - the fastest rate of growth since 2007.

Christine Gaskell, Chair of the Cheshire and Warrington Enterprise Partnership said: “We have certainly seen an upturn in our economy in Cheshire and Warrington. The feedback we’re receiving from business colleagues both corporate and SMEs, is that confidence levels are a lot higher and order books are improving.

“There is no room for complacency, but with continued hard work and innovative thinking we believe that businesses in Cheshire and Warrington can continue to lead the country out of recession.

“The strength of Cheshire and Warrington is its diversity and we do know that some businesses are waiting to see the benefits that will come from the economic upturn.

“Those businesses need a well-researched business plan, to be sure that their product range is in line with customer demand and must ensure that they look to innovate and export. Businesses must also remember that there is assistance and support available to them in the sub-region.

“It is the job of the Cheshire and Warrington Enterprise Partnership to ensure that this upturn in the economy is sustainable and to continue to build a strong future for the sub-region. We are confident that 2014 will bring more businesses, more jobs and more growth for Cheshire and Warrington.”

Frank McKenna, Chief Executive of business networking group Downtown in Business, added: “There is no doubt that the economy is growing again, and confidence is returning to the private sector.

“Entrepreneurs and business owners are looking to invest in their companies again, and this is reflected in the latest unemployment figures.

“There are still some real challenges to be faced though, and there is a tendency for companies who have struggled for some time to keep their heads down, carry on and hope for the best.

“To them I would say the climate has changed, and it is worth looking at the new business support initiatives that are now in place; and perhaps it is the right time to have a discussion with your bank. You may be pleasantly surprised!”

Manchester-based HMG Paints started life in 1930 and is now distributed to 120 countries in all seven continents. It set up Titan HMG in the Indian state of Tamil Nadu five years ago and hopes to open a manufacturing site in Africa in 2014.

Andy Burton, Finance Director at HMG Paints Ltd, said: “We have definitely noticed an upturn in the economy. Sales are up on the previous year. This is largely attributable to gaining new business.

“My advice to struggling businesses would be to become more profitable through cost reduction. Streamlining production and other processes is essential, and it is important to focus on what the business is actually good at. In 2014, we are hopeful of continued Government support for the economy.”

The Chancellor, George Osborne, said: “These numbers are a boost for the economic security of hardworking people. Growth is broadly based, with manufacturing growing fastest of all.

“It is more evidence that our long term economic plan is working. But the job is not done, and it is clear that the biggest risk now to the recovery would be abandoning the plan that’s delivering jobs and a brighter economic future.”

This was posted in Bdaily's Members' News section by Simon Malia .