Our predictions for Lancashire business in 2012

12/01/12

Our predictions for Lancashire business in 2012

Regenerate’s Managing Director, Steve Hoyle, looks at the year ahead.

It is easy to say that it will be another difficult year for business in 2012. The burgeoning problems of confidence in the world financial markets, the eurozone issues and its effect on export markets, and the process of debt reduction, reducing public sector spending power and increasing unemployment, almost make for the perfect storm. However, there are rays of opportunity for Lancashire businesses in 2012. Lancashire has many strengths, not least of all in manufacturing, and it will be important to continue to support our key sectors if the county is to survive the fallout of continuing troubled times in the national and international markets.

As the economic development company for Pennine Lancashire, Regenerate work directly with local businesses to help them grow and compete on a national and international level, offering professional guidance, funding, commissioned services and hands on work. 2012 will see the continuation of a number of services, including the Lancashire Innovation Network, helping business to adopt new technology and bring new products to the market. Our land and property service will continue to assist companies who want to expand their premises or relocate to East Lancashire, and we will continue to offer businesses, at home and abroad, the support they need to bring forward new and exciting developments that will create jobs and investment in the local economy. 

2012 will also see additional support on offer to business following our recent success in attracting over £9m to the area, to help businesses to start and grow. The ERDF funded, Pennine LEAP programme will provide business coaching and mentoring support to individuals looking to start their own business in Pennine Lancashire. The focus of support will be on new businesses with the potential to grow and create new jobs and investment. In addition to this the Accelerating Business Growth programme, funded through the Regional Growth Fund, will offer capital investment to established companies to help bring forward investment for expansion projects e.g. premises, plant and machinery which create sustainable jobs within a 12 month period.

With both these programmes set to launch in 2012, alongside other infrastructure improvements being made across the county including Todmorden Curve, improving rail links to Manchester, the Enterprise Zone at Salmesbury and Warton, offering quality manufacturing premises based around BAE, and the roll out of Superfast Broadband allowing business to compete more effectively in the expanding digital economy, momentum in the County is picking up pace. It will be difficult, but Lancashire has many great businesses and with the support on offer and the impetus built up in the last 12 months, Lancashire companies should hold some confidence for the year ahead.

Steve Hoyle
Managing Director, Regenerate Pennine Lancashire.