As the economy continues to rebalance across the North East, Mike Mullaney, Area Director, Lloyds Bank Corporate Markets, looks at ways to create the right conditions for enterprises to thrive over the coming years.
THE North East has a reputation for being a centre of excellence in many sectors and industries - and it’s one we need to spur on to even greater heights as our economy rebuilds.
From low-carbon renewables to hi-tech precision manufacturing, we have much to be proud of. We have skilled, flexible labour markets and favourable demographics. We’re home to many of the UK’s best companies, universities and creative talents, all of whom are pushing forward innovation and adding huge value to our economy.
They are key to our recovery, as is our ability to adapt. The North East’s instinct for reinvention provides a platform for exciting growth in a diverse range of industries, not least renewable energy.
Now more than ever, we need to build on that success. We may not yet know what the full impact of the public sector spending cuts in the region will be, but Experian* research suggests we’re one of the UK’s least resilient regions to the austerity measures.
What we need to encourage, and what we here at Lloyds Bank are focused on, is creating an environment in which the private sector can take up the slack.
If there’s one thing that links the future of all the firms that can fuel our regional economy, it’s the need for steadfast support from a banking partner that is committed to driving growth.
In my role here at Lloyds Bank Corporate Markets, I get to meet many outstanding, world-class, local companies across the North East. We have many businesses to be proud of, but I believe we need to drive growth in many more to sustain our region’s recovery.
To build economic momentum, to create the growth, jobs and opportunities the North East needs, we’ve got to back more local businesses. Their growth is vital to the regional recovery, and creating the right environment for them to succeed is essential.
That’s why here at Lloyds Bank Corporate Markets we’re actively encouraging lending to viable firms and providing support to businesses looking to invest in growth.
We’re committed to tackling the obstacles that prevent local firms from growing, exporting and recruiting, encouraging businesses to have challenging conversations around the finance they require and the support they need to succeed.