The North East Quarterly Economic Survey in partnership with Barclays for Quarter 2 2012 is open for NECC members to complete. The survey (formerly the North East Business Barometer) helps NECC shape local, regional and national policies including the Bank of England’s interest rate decision. This quarter we have shortened and simplified the survey making it even easier to complete.
The deadline for completion is the end of Wednesday 13 June 2012. Five minutes is all it will take and we will donate £1 to a selected North East charity for every response we receive. We will also send a full report to you containing analysis from NECC and Barclays if you include your email address when completing the survey.
You can complete the survey by clicking here.
NECC was in attendance today as Newcastle University Business School and Newcastle YMCA came together to host a business seminar focussed on innovation. The keynote speaker was Chukka Umunna, Shadow Secretary of State for Business Innovation and Skills. The event was chaired by one of his shadow ministerial team, Chi Onuwurah, the Labour MP for Newcastle Central.
The event provided insight into the role that innovation has in stimulating economic growth regionally and nationally. The concept of innovation is often viewed as overly generic when used in a policy context, so it was with some degree of relief when speakers focussed in on particular issues that impact upon innovation in all its forms, whether in schools, colleges and universities or businesses and indeed the public sector.
Speakers discussed the challenges the UK is facing in terms of providing a new generation of engineers, chemists and biologists. Furthermore, the policy framework that can be used to encourage innovation was discussed with questions raised over the impact of fiscal, skills, energy and industrial policy.
The contributions from speakers and guests alike underlined the fact that the North East is still at the epicentre of innovation in a variety of sectors. It is a key challenge now for all with a stake in the North East economy to shout about this, and the plethora of other good news stories we have to boast of, from the rooftops.
To give your view on this please leave a comment on this blog, or email mark.stephenson@necc.co.uk
May 12
17
Meeting with Department for Business
A group of NECC members met the North East team from the Department for Business, Innovation and Skills (BIS) earlier this month to discuss current policy issues. Issues covered included measures in the recent Budget, Round 3 of the Regional Growth Fund, the Advanced Manufacturing Supply Chain Initiative and changes to European regional funding. A copy of a presentation given at the meeting by Tom Smyth, Deputy Head of BIS for the North East and Yorkshire, can be seen here.
Please give your view by leaving a comment on this blog or emailing ross.smith@necc.co.uk.
May 12
16
Labour market estimates May 2012
Labour market estimates have been released today showing:
- Employment in the North East stands at 1,143,000 or 66.6% – a rise of 6,000 over the quarter and 21,000 over the year. This compares to a rate of 70.5% nationally.
- North East unemployment stands at 148,000 or 11.5% – a rise of 6,000 over the quarter and 18,000 over the year. This compares to a rate of 8.2% nationally.
- The claimant count stands at 92,600 or 7.6% in the North East, compared to 4.9% nationally.
Full details can be seen here.
There is once again a very mixed picture on these statistics with employment growing in the North East faster than across the UK, but unemployment also growing at a time when it is falling (albeit slowly) elsewhere in the country.
The headlines are likely to be grim with the very positive figures reported in February and March giving way to an increasing unemployment rate and once again a widening gap on this indicator with the rest of the country. (The recent swings in the regional estimates may be a symptom of the large margin of error in figures at this level). However, the steady growth in jobs, driven of course by the private sector, shows there is good news as well, typified by the glut of positive announcements that came out recently from Nissan, Calsonic Kansei, SSI and OGN.
Please give your view by leaving a comment on this blog or emailing ross.smith@necc.co.uk.
May 12
15
UK Trade Figures for March
The latest UK trade figures for March have been released today:
Goods and Services
- The UK’s deficit on seasonally adjusted trade in goods and services was £2.7 billion in March compared with the deficit of £2.9 billion in February.
Goods Only
- The deficit on trade in goods was £8.6 billion in March, unchanged compared with February.
- Volume of exports was 6% higher, and the volume of imports was 2.4% higher in March compared with February.
- Export prices of goods rose by 1.7%.
Services Only
- The surplus on trade in services was estimated at £5.8 billion in March compared with the surplus of £5.6 billion in February
These figures have remained largely constant from February, however the 6% increase in the volume of exports compared to 2.4% rise in imports is welcomed in terms of the UK’s national export drive. This national growth has largely been driven by exports to non-EU countries, and mirrors the North East’s achievement in 2011 where more exports went to countries outside the EU than to those within the EU. However more must be done to encourage businesses to export outside the Eurozone to ensure that emerging markets become a greater part of our national export drive.
To give your view, leave a comment on this blog or email helen.hayes@necc.co.uk.
