Joint Economic Commission meets at UClan
Thursday 25 February 2010
Manufacturing was the main subject for debate at the 9th meeting of the North West’s Joint Economic Commission (JEC). Regional Minister Phil Woolas and members of the Commission headed to Preston for the meeting this week where the University of Central Lancashire (UClan) were the hosts.
Since the JEC was set up in November 2008 to ensure that the region’s economy emerged from the recent downturn stronger than before, the economy - both nationally and regionally - has turned the corner.
Mr Woolas said: “The improvement in the economy is good news for the North-West and for Britain, but we are not complacent. There is much more to do to keep it growing, and we need to continue to support local businesses and help people in the region back into work, and we recognise that manufacturing as a regional strength must be at the heart of that.”
In recent JEC meetings there has been a focus on specific opportunities for economic development in support of the recovery with the development of stakeholder action plans in order to strengthen the region’s international competitiveness. Manufacturing is the latest, and follows discussions on the low carbon economy and digital/media sector
Manufacturing still plays an important role in the economy of the North West. It
- accounts for about 18 per cent of the NW’s GVA;
- employs around 400,000 people (about 12 per cent of the workforce) and
- accounts for almost 19 per cent of the UK’s manufacturing output in 2008
Speaking after the meeting, Phil Woolas said:
“Manufacturing is vital to the economy of not just the North West but also the UK and is extremely well placed to benefit from the upturn. These have been tough times but government support available through Real Help Now has made a real difference. However, there is still much to do including making sure that workers have the skills needed by employers as they compete for contracts from the region, nationally and internationally.
“I would also like to urge all private, public and third sector businesses to give others a helping hand by signing up to the Prompt Payment Code that commits them to paying their suppliers within 10 days wherever possible. Cash flow remains an important issue for businesses and it is vital that everyone does their bit to help each other”.
Phil Woolas also met with representatives of the major banks in the region to get an update on how they are working to improve the availability of finance for businesses that want to invest in growth, and those new businesses wanting to start up.
Following the meetings, Phil Woolas toured the UClan campus where he visited the Business Incubation Centre, new School of Dentistry and the Library, which is open all day, every day as the request of the students. He said:
"The buildings and facilities at UClan are amazing - not only is the University giving its students a fantastic learning experience but is also providing great support to young entrepreneurs in setting up their businesses through the Media Factory's Business Incubation Centre. University life is a great experience and UClan, through the use of new technology, is giving students the opportunity to learn how, where and when they can which is providing them with a great start to their careers."
