Bank of England's Chief Economist hails positives for North East economy on visit to the Materials Processing Institute
The Materials Processing Institute has been visited by Andrew Haldane, the Chief Economist at the Bank of England, as he undertook a fact-finding mission in the North East to inform economic policy. In a speech to Tees Valley business leaders he spoke on the economic potential of the North East, in the context of an uncertain macro-economic situation.
Mr Haldane spoke extensively on the regional and national economy, of the future potential and risks, and on the outlook for industry in the region.
He said: “It is not all doom and gloom. There are more people in work in the North-East today than at any time in its history. Over 48,000 more people have found jobs over the past 12 months. And the North-East alone has contributed 20% towards the overall fall in national unemployment over the last year.
“Despite the media headlines, the North-East has been one of the most dynamic areas of job creation in the country recently. Underpinning this above-average jobs performance has been above-average productivity growth in the region.”
Mr Haldane went on to suggest that, in terms of productivity and employment, the rest of the UK would benefit from the model of the North East: “But Teesside also gives grounds for optimism. Productivity and jobs-wise, it is one of the fastest growing in the country.
“With support for skills and technology, the like of which is being provided here at the Materials Processing Institute, that progress can continue and those differences in productivity and unemployment can be closed.
“In the North-East, there are good grounds for believing the glass is half-full. If that progress here in Teesside could be replicated nationally, the UK’s fortunes really could be transformed. Those regional micro-economies would converge, their colours would merge, their glasses would fill. Economically and socially, the prize could scarcely be larger.”
Chris McDonald, CEO of the Materials Processing Institute, said: “Andrew’s visit to the Materials Processing Institute today, and to the wider-region, is an important step towards ensuring the needs of industrial and business communities are reflected in emerging policies.
“The region has a lot to be proud of, a lot of successes to shout about, but also a lot more to contribute, in expertise and innovation to the UK economy as a whole. Under the right conditions, the regional economy can continue to grow and thrive, it is our job as business and industry leaders, to engage constructively with policy makers at all levels, positioning North East skills and expertise at the vanguard of economic growth.”
5 December 2016
