NEWS
Latest QES reveals weak economic growth
News that the economy only grew by 0.2% in the second quarter of this year has been echoed by the latest Quarterly Economic Survey (QES) from the British Chambers of Commerce’s (BCC).
COMMENT T
BY COLIN SKELLETT VICE CHAIRMAN OF BUSINESS WEST AND CHAIR OF THE WEST OF ENGLAND LOCAL ENTERPRISE PARTNERSHIP
Business West threw its weight behind the concept of a Local Enterprise Partnership (LEP) when it was first proposed by Government and it has played a leading role in its development. Our main task is to identify and remove obstacles to growth in order that new jobs can be created. The Board is assisted in this by a series of sector groups, none of which is more important than modern manufacturing, represented by Aerospace and Advanced Engineering. We already have more aerospace jobs than any other region in the UK and the most comprehensive capability in specific elements such as military aero- engines, airliner wing design and fabrications and large avionics. The sector supports an internationally significant aerospace cluster that includes Airbus, Rolls-Royce, BAe Systems, Cobham, Agusta Westland, Honeywell, Messier Dowty, Thales, GE and GKN, as well as a supply chain estimated to comprise 800 smaller companies in the region. In all it is estimated there are 6,130 advanced engineering businesses trading in the South West. The LEP will therefore do all it can to take up the issues raised by this sector. Top of the list is that we should ensure that the banks fully appreciate the requirements of the sector. We may also be able to obtain additional resources through the Regional Growth Fund. We also need to assist in the consistent delivery of high quality apprentices and graduates. It is obvious that we need to do all we can to help this sector to flourish because it will provide well paid, highly skilled jobs with long term career prospects. This is already a success story and one which will only get better. We can be optimistic that the sector will attract additional inward investment, that our businesses will be able to take advantage of growing global markets and with the support of Business West and the LEP, they will continue to innovate and improve.
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he survey results, combining 6,600 responses from businesses across the UK, suggest that economic growth remains weak and that it is likely to have been negatively affected by the reduced number of working days in Q2. For both the manufacturing and services sectors, exporting activity remains stronger than domestic market performance. But the BCC warns that uncertainty in the international marketplace, driven by problems in the Eurozone and concerns about US debt, could result in slower global growth. This will add to the challenges facing UK exporters.
‘The South West’s manufacturers and services businesses experienced mixed fortunes this past quarter’
However, there is optimism among firms about future recruitment. The balance of both services and manufacturing firms expecting to grow their workforce in the next three months rose to historically strong levels. In manufacturing, the balance rose six points to +15% the strongest level since Q3 2007. In services it rose two points, to +12%, the strongest level since Q1 2008.
Commenting on the results, Nigel Hutchings, director chambers of commerce at Business
West, said: “The South West’s manufacturers and services businesses experienced mixed fortunes this past quarter. While the service sector appeared to be on a par with most of the reported national results, the performance of the productive industries was extremely disappointing compared to many of their regional counterparts. And, we are concerned that slow growth in the region over the last quarter could exacerbate the existing economic disparity between the South East and other UK regions.
“On a positive note, among the businesses polled it seems that wage settlements do not appear to be exacerbating inflationary pressures. All in all, the results do point towards growth, but the path to sustainable recovery is clearly paved with many obstacles still to overcome.”
Bristol student awards
seek business support The organisers behind Bristol Young Student of the Year Awards are looking for businesses to support the competition. Leading business organisations that have already given their backing include Business West, Bristol Junior Chamber of Commerce, the Bristol African Caribbean Chamber of Commerce, the CBI, the Institute of Directors and the Federation of Small Businesses.
The aim of these awards is to develop young people’s employability skills in order to meet business needs.
Business can show their support by providing financial support and becoming mentors.
To confirm your support please contact Elaine Brown, project director, on 07770 863999 or email:
elaine@bristolyoungtalent.co.uk
For further information please visit
www.bristolyoungtalent.co.uk
Business West Update SEPTEMBER/OCTOBER 2011
Member survey thanks
We would like to say a big thank you to our members that took part in our recent Membership Survey. The results are now being analysed together with feedback that we have had from non-members in our area. These findings will then be fed into our ongoing review of our membership services. A summary of the Membership Survey
2011 results will be featured in the November/December 2011 issue of Update magazine which is mailed out to all members around 20 October.
If you would like to express your views on any aspect of your Chamber membership, we would like to hear from you. So, please email
membership@businesswest.co.uk
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