Business confidence is on the rise in much of the north, according to a recent report. The Grant Thornton Business Confidence Monitor suggests Northern England has the most positive business leaders in the country scoring 35.9 out of 40, a significant jump from Q2 when they scored just 19.7.
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RBS Business Sense across the UK
In the Yorkshire & Humber confidence has edged up to 21.7 from 21.3, whereas in the North West it is much improved and doubled from 9.1 to 18.2. The report’s authors hope this will aid a private sector recovery in regions where employment has been dependent on the state.
However, the North has some hurdles to overcome. Official figures show that unemployment in Q2 for the North East was 134,000 (10.4%), the highest rate in the country. Meanwhile the North West’s jobless total is 270,000 (7.8%), while in Yorkshire and the Humber it is 249,000 (9%).
PwC’s UK Economic Outlook report for July 2013 suggests UK growth will be about 1% this year. However, some parts of the North will fall below this average. The North East is expected to be one of the worst performers, with just 0.5% growth. The North West is expected to grow by 0.7% whereas Yorkshire and Humberside is better with 0.9%.
In the longer term there are some positive developments in the pipeline. Liverpool, for instance, is set to embark on a major period of redevelopment. Most prominently part being the £5.5bn redevelopment of its derelict dockland areas. The Liverpool Waters project will see the construction of 9,000 flats, hundreds of offices, hotels and retail establishments, as well as the 55-storey Shanghai Tower and other high-rises. The city is also creating a £1.8bn Superport. A major dredging project which will deepen the approach to the Mersey by 16m and enable the world’s largest tankers to port there.
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