The week in North East business - and the week to come
Latest news from BusinessLive Read in browser by Graeme Whitfield April 24, 2023 BusinessLive North East Editor Positive signs for the North East economy A number of economic reports released in the last week point to pretty much the same conclusion for the North East economy: getting better, but n
A number of economic reports released in the last week point to pretty much the same conclusion for the North East economy: getting better, but not out of trouble quite yet.
At the start of the week, the NatWest North East PMI Business Activity Index for March showed the first rise in output for North East manufacturing and services firms in nine months amid stronger demand and renewed confidence.
The next day, regional unemployment figures showed a small rise in people out of work in the North East, but only from the record low reported last month, while the region has seen the highest fall in unemployment in the country over the last 12 months. But that was followed 24 hours later with inflation failing - for the second month running - to meet expectations and fall below 10%.
On Friday, the quarterly economic survey from the North East England Chamber of Commerce said that business confidence was improving in the region and suggested that more organisations are preparing to create jobs and are expecting inflation to stabilise. But the report highlighted how concerns around recruitment and cashflow remain, and said there has been a warning recent months have put massive strains on many firms.
Chamber president Andrew Haigh said "Business confidence in the North East has begun to rise and it is vital as a business community we seize this as an opportunity for growth."
But there will be concern that Hogg was the only company in the North East to secure an award this year (as they are re-named from the Queen's Awards). The last two years have seen 11 and 10 winners in the region respectively, and it had looked like the North East had turned around its previous low number of recipients.
Nationally, a total of 148 new recipients have been announced in the awards this year, with Business Minister Kevin Hollinrake saying: "I congratulate the first ever recipients of The King's Awards for Enterprise, who exemplify the talent, innovation, and entrepreneurial spirit of British business."
Let's hope more North East are firms are getting such congratulations this time in 2024.
Tuesday, April 25 ONS figures on the public finances Final results: Whitbread Interim results: Associated British Foods
Wednesday, April 26 Trading updates: GSK and Standard Chartered
Thurday, April 27 Final results: Sainbury's Trading updates: Barclays, AstraZeneca, Unilever, Taylor Wimpey
Friday, April 28 Quarterly insolvency figures released from the Insolvency Service Trading update: NatWest
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