Manchester City Region: Caution over manufacturing recovery
THERE should be realism in Government about how much growth a revival in the manufacturing sector can deliver.
That was the view of pannelists participating in a roundtable debate on the Manchester City Region’s economic prospects organised by TheBusinessDesk.com in association with Santander Corporate Banking and law firm Pannone.
John Ashcroft, an economist and chief executive of professional services body pro.manchester put the manufacturing recovery into perspective by saying growth from a low base was like waking from a coma after falling from a cliff.
“You’re a long way down but it’s a recovery of sorts,” he said.
Fred Ellis, managing director of East Manchester based industrial company Thos Storey Fabrications said life was still hard, despite there being a recovery of sorts, after a hard few years.
Turnover at Storey fell from a pre-recession high of £28m in 2007 to £8.9m in 2009 after demand for construction equipment collapsed. The business was forced to axe 60% of its workforce of 290.
Since then there as been a partial recovery Last year’s sales topped £15m and the firm took on 55 people.
To read the rest of the round-table report, click here to download Dawn of a New Era, our Manchester City Region economic review.
