The Prime Minister and the Chancellor of the Exchequer recently graced a research and development firm in Daresbury, Cheshire, just before the unveiling of the last Budget.
north-west business landscape
The businesses of north-west England find themselves amidst economic apprehensions. The leaders resonate with cautious optimism, though many hope for tangible government interventions to bolster their ventures.
unexpected growth amid forecasts
Not so long ago, the nation witnessed an unanticipated economic uplift towards the year’s tail end. Nonetheless, the Bank of England later adjusted its growth predictions, signalling a challenging road ahead in 2025. This shift leaves economists pondering over our future.
business perspectives in Liverpool and beyond
Somewhere in Liverpool, Mr. Sean Keyes of Sutcliffe, a local engineering consultancy, shares a broader perspective. His firm is “a microcosm of the wider economy,” reflecting shifts like the sluggish housing development yet flourishing public sector opportunities.
“Our growth,” he remarks, “is modest but endows a slight encouragement.” Over the past year, Sutcliffe, boasting a 65-strong workforce across Liverpool and Manchester, has outpaced the national average growth. Mr. Keyes attributes this success to working both “harder and smarter,” securing collaborations on nationwide projects, including a housing scheme in Bristol.
challenges for small businesses
Yet, further along the M62 in Manchester, Chris Taylor, who owns a quaint coffee shop, faces hurdles. Customers appear to guard their spending, impacting trade volumes. Meanwhile, Bolton caterer Sushma Solanki remarked on dwindling Christmas engagements, handling only a couple compared to previous collections, due to financial constraints and rising National Insurance (NI).
employment and economic demands
From the Liverpool Chamber of Commerce, Samantha Barker voices concerns. Despite recent growth, tax conundrums persist. Concurrently in East Lancashire, Professor Miranda Barker sheds light on low-wage sectors bearing the weight of NI hikes, compelling businesses to make layoffs.
challenges in manufacturing
The East Lancashire Chamber of Commerce predominantly aids manufacturing sectors, presently coping rather well. Prof. Barker elaborates, citing healthy order books spanning five years. Yet, she laments that governmental tax adjustments erode profit margins, posing fresh challenges for many.
planning and sector-specific hurdles
In Wirral, Matt Breakwell of Kimpton, a heating and electrics entity, acknowledges a more optimistic horizon as inquiry volumes rise. Amid difficulties, such as halted projects due to planning barriers and inflationary impacts, he advocates for certainty, particularly concerning net-zero ambitions for 2050.
the need for stable groundwork
Greater Manchester Chamber of Commerce’s Subrahmaniam Krishnan-Harihara concurs. He urges prudence with fragile growth, cautioning against added cost pressures without a supportive macroeconomic backdrop, which would otherwise stimulate business investments.
reactions to government promises
Reflecting on political engagements, Professor Barker recalls pledge commitments. Parties often alluded to taxation paired with investment incentives. While taxations arrived, the anticipated business co-investment seems elusive, leaving Prof. Barker and others hopeful for immediate change.
