It's up to us to get region moving again

Jul 14 2010 by Andrew Hebden, The Journal

A successful business community has never been more important.

THERE were many strong messages to come out of last month’s Budget, but amidst all the talk of deficits and cuts, one thing shone out for me – how the country’s economic future now lies firmly in the hands of the private sector.

As the public sector – so long a key engine room of our economic growth – retrenches, something is going to have to plug the gap, both in terms of employment and wealth creation.

Chancellor George Osborne has set business the task of rising to this challenge. And, at a time of economic uncertainty, it is a big challenge indeed.

One consequence of the financial crisis, fuelled as it was by the foolhardiness of the banking sector, was that the standing of business as a whole was diminished in the opinion of the public. The reputation of businesses of all types took a battering as the profit motive became distrusted.

It was, of course, an unfortunate and unfair consequence. Because, as we know, private enterprise has always been the real source of wealth generation and the cornerstone upon which a successful economy is built.

Today’s publication aims to celebrate that very fact. Our annual list of the region’s biggest companies is always a source of huge interest within the North East business community and, at times such as this, it makes particularly interesting reading.

But, now more than ever, whether your company is rising or falling, it’s important to recognise that each of the 200 firms listed here has achieved something great. They have proved resilient and successful in the most trying of times.

It is these businesses which provide the bulk of private sector employment in the North East. And it will be incumbent on many of them to continue to create jobs in future, especially for some of the talented people who will inevitably be looking for new opportunities as a result of the cuts in the public sector.

They should provide inspiration too for the hundreds of smaller businesses in the North East which have aspirations to one day join this prestigious league table. More than ever this region needs these companies to thrive and to grow, too.

So this year it’s hats off again to Arriva for topping the table, with an honourable mention to Nissan who come a very close second in spite of the challenges it has faced. What a year 2009 turned out to be for the iconic Sunderland plant – from making the headlines for having to cut its workforce to winning the contract to build Nissan’s pioneering electric car.

Given all the economic uncertainty, we know that there will be plenty of ups and downs in the weeks and months ahead. But what is for certain is that they are set to play a more important role than ever in our region’s fortunes in the years to come.

Andrew Hebden is head of business at ncjMedia