The danger when we think of regeneration is to think of it as a phase. It is not a phase, it is a continuum, a constant process of Darwinian evolution and adaptation. It is a slow and steady process but it is a RAPID movement, one in which businesses and economies, React, Adapt, Plan, Invest and Develop.
The problem with the French as George Bush might have said, is they don’t have a word for Renaissance, or if they do it is a bygone era, a phase long discontinued. Regeneration is a constant ongoing process. It is what we do to survive.
At present businesses and economies in Manchester and the North West are having to react and adapt to a economic outlook which offers low growth and a higher level of inflation. One in which incomes are squeezed by higher food, energy and utility prices putting real incomes under pressure for the foreseeable future.
A government policy aimed at rebalancing the economy involving the march of the makers, rebuilding the workshop of the world is a novel trope. The desire to rebalance the economy and an external deficit which has been out of synch since The Treaty of Versailles and beyond, is misplaced.
A monetary policy, which undermines the exchange rate, leads to a depreciation of Sterling and generates price inflation compounds the problem, more QE will compound the problem. The private sector has to accept the challenge, of policy priorities misplaced.
Nevertheless, across the North West examples of regeneration apply. Blackpool Pleasure Beach continues to invest heavily in new initiatives to stimulate traffic to the award winning site. Nickelodeon land is open and SpongeBob’s Splash bash is there to welcome all.
In Liverpool, the huge investments on the waterfront continue, with the opening of The new Museum of Liverpool. It is the largest newly-built national museum in the UK for more than a century.
Across the road from the Museum and the Liverpool One Shopping Centre is a brand new development with more than 160 high street stores assisting the regeneration programme for the city.
Moving East and the Atlantic Gateway is a framework for collaboration between Manchester and Liverpool city regions. The challenge of the Atlantic Gateway is to become one of Europe’s leading low carbon, economic growth areas, second only to London.
Further East and the finishing touches are being made to the future new home of Salford Rugby League Club. Salford City Council formed a joint venture company with Peel Holdings to develop the £16 million stadium, seating 20,000.
It is in Manchester where the best examples of regeneration can be found, setting an example for the North West and the UK. Plans for the integration of the city transport network continue with an extension of the modern and impressive tram system across the city and into the travel to work areas.
In new industries, the city sets the example with new industries encompassing digital, media and creative well blessed with Media City in Salford and Trafford, the Sharp project in East Manchester, the Hive and Corridor projects in the city centre.
Incubators thrive in the developments within the University, including UMIC, the Manchester University Innovation Centre and Manchester Science Park.
The cranes hover again over Manchester as the plans for the Co-operative bank NOMA development take shape. NOMA, comprises a 4 million square feet, 20-acre mixed-use project. Further East and the £100 million investment in the Manchester City FC academy has recently been announced. It's a great project for our city.
The Nobel prize for physics in 2010 was awarded to the university’s Andre Geim and Konstantin Novoselov for the groundbreaking development of Graphene. The real challenge now to grapple with graphene and develop marketetable products capitalising on the inherent strengths of the product.
Manchester has developed as a modern service sector economy with a very strong business, professional and financial services sector. pro.manchester is the members organisation for this important sector in the city. It represents the largest advisory group in the North West. This month we launched our SME club, a free advisory service for businesses in Greater Manchester and beyond. Why? Manchester is a great community, we all want businesses in our city to survive and thrive as part of the regeneration process. JKA
This article was originally published in The Times Business Insight on the 27th September 2011.
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The views expressed are my own and in no way reflect pro.manchester policy. In no way should the comments be considered as investment advice or guidelines or reflect political bias. UK Economics news and analysis : no politics, no dogma, no polemics, just facts. JKA is a visiting professor at MMU Business School, an economist and specialist in Corporate Strategy, educated at LSE, London Business School with a PhD from Manchester Metropolitan University.
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