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30/10/2002
UK manufacturing remains in recession
The latest report from PricewaterhouseCoopers (PwC) claims that manufacturing throughout the UK remains in, or close to, recession.
On a sector by sector basis ‘UK Economic Outlook’ reports that the telecommunications sector continues to suffer from the global downturn in demand, with the greatest problems being felt in and Northern Ireland, the North West of England, Yorkshire & Humberside, and Cambridge. In terms of regions the English Midlands has been the hardest hit, with Scotland the only region experiencing even a modest recovery.
While Northern Ireland has continued to reflect growth in business and financial services sector, particularly in business services, this is from a low base, relative to the other UK regions. This UK sector has been least affected by the global slowdown, although all 12 UK regions report slower growth, with London, Cambridge and Yorkshire & Humberside all reporting sluggish growth.
PwC’s report ‘UK Economic Outlook’ found that all of the 12 UK regions surveyed reported the key driver of growth as consumer spending. Continued public expenditure was also noted as a key driver in several English regions, Wales and Northern Ireland. However, PwC warned that depending upon consumer and public expenditure for growth was "not sustainable in the present economic climate".
Welcoming the statement from former Secretary of State, Dr John Reid that the new NIO team would not operate Northern Ireland simply on a ‘care and maintenance’ basis, PwC managing partner, Stephen Kingon said the work of the Assembly and the Executive had to be continued, particularly in the areas of infrastructure improvement, economic development and re-investment and reform.
Mr Kingon said: “Recent remarks by Industry Minister, Ian Pearson that the NIO would maintain the Executive’s determination to pursue reform and modernisation policies are welcome. So too, is his pledge to consult with the business community in implementing the re-investment and reform initiatives.
"The Minister’s announcement that he intends to consult on the removal of industrial de-rating, whilst not surprising, will nonetheless not contribute to confidence in a beleaguered sector that needs confidence to invest and encouragement to do so.
"There are other fiscal incentives that may be more appropriate and could reward investment and profitable job creation and I am certain the business community will take up the Minister’s offer of consultation.
"The local economy is facing serious challenges and we cannot afford to reduce our collective efforts to stimulate economic development. All our energies should now be directed to encouraging political stability and regenerating business confidence and investment.”
(SP)
On a sector by sector basis ‘UK Economic Outlook’ reports that the telecommunications sector continues to suffer from the global downturn in demand, with the greatest problems being felt in and Northern Ireland, the North West of England, Yorkshire & Humberside, and Cambridge. In terms of regions the English Midlands has been the hardest hit, with Scotland the only region experiencing even a modest recovery.
While Northern Ireland has continued to reflect growth in business and financial services sector, particularly in business services, this is from a low base, relative to the other UK regions. This UK sector has been least affected by the global slowdown, although all 12 UK regions report slower growth, with London, Cambridge and Yorkshire & Humberside all reporting sluggish growth.
PwC’s report ‘UK Economic Outlook’ found that all of the 12 UK regions surveyed reported the key driver of growth as consumer spending. Continued public expenditure was also noted as a key driver in several English regions, Wales and Northern Ireland. However, PwC warned that depending upon consumer and public expenditure for growth was "not sustainable in the present economic climate".
Welcoming the statement from former Secretary of State, Dr John Reid that the new NIO team would not operate Northern Ireland simply on a ‘care and maintenance’ basis, PwC managing partner, Stephen Kingon said the work of the Assembly and the Executive had to be continued, particularly in the areas of infrastructure improvement, economic development and re-investment and reform.
Mr Kingon said: “Recent remarks by Industry Minister, Ian Pearson that the NIO would maintain the Executive’s determination to pursue reform and modernisation policies are welcome. So too, is his pledge to consult with the business community in implementing the re-investment and reform initiatives.
"The Minister’s announcement that he intends to consult on the removal of industrial de-rating, whilst not surprising, will nonetheless not contribute to confidence in a beleaguered sector that needs confidence to invest and encouragement to do so.
"There are other fiscal incentives that may be more appropriate and could reward investment and profitable job creation and I am certain the business community will take up the Minister’s offer of consultation.
"The local economy is facing serious challenges and we cannot afford to reduce our collective efforts to stimulate economic development. All our energies should now be directed to encouraging political stability and regenerating business confidence and investment.”
(SP)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
