|
Good news for the Chancellor according to latest pro.manchester survey. 60,000 jobs could be created in next ten years, if the Office for Budget Responsibility numbers are correct according to latest pro·manchester report.
pro·manchester which represents the financial and professional sector within the city has produced the research which tracks employment in the sector in relation to expansion of the UK economy as a whole. The report has been produced for the New Economy and Manchester City Council as part of a series of working papers on Manchester and the wider UK economy by the influential organisation. “60,000 jobs could be created in the Business, Financial and Professional Services Sector over the next ten years but a prolonged economic slump and lost decade of growth would result in just half that number” pro·manchester has also issued this week the latest Business Conditions Survey which looks at factors affecting businesses including turnover, profits, workforce and recruitment, cost pressures and major concerns. Over the past three months pro·manchester members have become much less optimistic about prospects for the economy and business. Prospects for business in the UK recorded a net balance of just 15.4% compared to a previous 17.4%. Export prospects increased slightly from 5.7% to 7.5.%. 73% of businesses expected export turnover to remain steady.. Employment prospects fell. Just 20% of members were expecting to increase staff compared to 34% in the prior poll and 50% in the first half of the year. When asked which the areas of greatest concern are, competition was the most cited at 47% (57% last time), inflation problems remained constant at 45% and fears of a rise in interest rates increased from 14% to 22% Taxation remained an evergreen problem at around 18%. Over the past three months, 50% of members recorded a constant turnover compared to 37% in the previous survey. 15% of members recorded a fall in turnover compared to just 14% last time. 34% recorded an increase in turnover compared to 50% in prior polls. Member firms are more cautious but on the whole we still expect to see some increase in jobs despite the lower growth scenario in the short term. |
|
The creation of 60,000 new jobs in Greater Manchester is just one of the findings of a recent research paper produced by membership organisation pro·manchester assuming the growth forecasts identified in the latest Office for Budget Responsibility and the Chancellor’s Autumn November statement are met.