MP bullish over region’s future
NORTH East minister Nick Brown claimed the Government was “doing everything possible” to ensure that last week’s £500bn bank bail-out benefited fund-strapped businesses in the Tees Valley.
Mr Brown, who was recently elected Chief Whip in Gordon Brown’s latest cabinet reshuffle, said he was in “involved discussions” with banks to ensure the financial crisis did not feed through to the high street and provided much- needed liquidity for successful firms to expand.
In an interview with nebusiness, following an address to business leaders in the region on Friday, he said: “There is a real determination around the table to get this region through these difficult times and take advantage of my role as cabinet minister to feed North-east messages through to the Government.
“We’re offering money to the banks to improve liquidity so that they can start lending to businesses and each other.
“It is the Government’s view that banks cannot hold on to the money.”
Mr Brown remained bullish about prospects for the region, citing strengths in offshore, sub-sea and petrochemicals as key reasons for optimism.
“We are the fastest-growing English region with a growth rater of around 2.5%,” he said. “We have moved from a traditional employment base to a much more diverse one.
“There is huge enthusiasm for the Sonhoe refinery project and the expansion of PD Ports.”
Business leaders raised a number of key concerns during his visit to Government Office North East in Newcastle - including helping more businesses take advantage of rate relief.
Mr Brown said one idea could be to ensure companies received an automatic rebate direct from the Government, rather than having to claim it themselves. This, he claimed, would help small businesses with cash flow problems.
