18 December 2008

Steven Broomhead calls for realistic optimism in 2009

As we approach the end of 2008 it is hard to believe that the economic downturn we find ourselves in and the turmoil in the global financial system was not even in our thoughts when the year began. The speed and momentum of these tough economic conditions over the past 6 months have taken probably all economists by surprise, but now, how we react to these challenges is the important factor.

The Northwest has built a strong platform over recent years to withstand this cooling economy. The region was yet again the leading region outside of London in attracting foreign direct investments in 2007/08 and we have strengths in sectors which are likely to be more resilient, including energy, defence, advanced manufacturing, engineering, science and innovation.
  
The NWDA is listening to businesses and looking at the financial gaps in the market and filling those where we can. We understand that access to finance and cash-flow are major issues for businesses, so what we are doing is strengthening, to reflect changing business concerns. We are making sure our services reflect these needs.

It is a tough business climate at the moment, but we have a robust and diverse economy and it is important that in 2009 we all develop a business culture of realistic optimism. By doing this we will be ready for the eventual upturn.

Have a good, safe Christmas and best wishes for 2009.

Steven Broomhead, Chief Executive of the NWDA.