250 reasons to celebrate
While we must be realistic about challenges the North East faces, the region's Top 250 justifies a celebration of our region's business standard bearers, says Margaret Fay,.
THE unprecedented scale and speed of the recession has called for equally unprecedented levels of support and action by agencies tasked with helping business.
There has never been such a concerted effort by the public sector to provide the support required by people and firms. We are highly resilient in the North East, and that will stand us in good stead for the future as we prepare to move quickly in the upturn.
One North East and its public sector partners are doing all they can to make financial support for businesses as simple and as easy to reach as possible.
One North East’s aim is to provide genuine on-the-ground help for companies affected by the recession.The agency is investing £46m in support of businesses over the next two years to help them deal with the effects of the recession and seize opportunities the recovery will present. This is in addition to ONE’s normal activities in business support.
The funding will help bolster firms’ growth plans, create and protect jobs, cut energy bills and extend a scheme to help companies with tax and credit difficulties.
More funds have been put into the agency’s grant support schemes, increasing access to vital finance through the likes of the North East Investment and Co-Investment Funds, and putting extra money into the Company Rescue Pathfinder programme to help firms struggling with tax and credit issues.
On the factory floor direct support also involves the MAS-North East programme, which has received an additional £1m to boost its Energy Team, offering manufacturers advice and support on removing waste from manufacturing processes and reducing energy costs. This programme has saved firms tens of millions of pounds since its creation.
We must all be realistic about the challenges the North East faces, but we must also be ready for the upturn and take time to recognise those people and businesses that have made the modern North East economy the success story it is.
The Journal’s North East Top 250 provides an opportunity to celebrate our regional business standard bearers. It proves there are reasons to be cheerful despite the recession. In quarter one of 2009 the North East recorded the highest rate of growth of exports of goods of any English region; Ford has announced it is working with Smith Electric Vehicles to develop a new electric vehicle in a major deal.
The North East’s recent growth in the number of VAT registered businesses between 2007 and 2008 outstripped the national average; the Chancellor’s announcement of £500m to look at clean energy development is an endorsement of the region’s decision to invest in new and renewable energy, placing it at the heart of our economic strategy.
The underlying strength and diversity of the region’s economy – which now tops £40bn – means we are far better placed than in any other recession to emerge ready to seize the opportunities that will return as the global economy recovers.
The North East remains fertile ground for businesses and individuals, and we at One North East will be doing all we can to ensure this remains the case in these difficult times.
Margaret Fay is chairman of regional development agency One North East
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