A top Lloyds Bank director has had his say on 2019, calling it a year of uncertainty but record growth for many, as well as predicting what 2020 may have in store.
The firm's North West director of commercial banking Martyn Kendrick said this year will be remembered for political and economic uncertainty caused by factors such as Brexit and this month's General Election, which have both "undoubtedly" influenced decision-making in boardrooms across the region.
But, he said, that "has not put growth on ice", adding: "The North West has long been a powerhouse of economic growth and is rightly proud of its industrial heritage. From the expertise of the manufacturing and tech sectors to the growth of professional and financial services, the region has a lot to celebrate."
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Despite business confidence being low nationally, firms in the North West have kept faith in their own trading prospects, said Mr Kendrick.
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According to figures from Lloyds Bank’s monthly Business Barometer, North West firms remained increasingly positive about their own business confidence across the year, even while their outlook for the 海角视频 economy has fluctuated significantly.
Mr Kendrick told BusinessLive: “The numbers demonstrate a real resilience that is characteristic of the individuals and businesses that my colleagues and I deal with day in, day out across the North West.
"It’s heartening to see the continued success of so many dynamic firms in the region.”
One firm mentioned is Classic Football Shirts, located near Manchester City’s Etihad Stadium and with stores in central Manchester and London.
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Founded by students Matthew Dale and Doug Bierton in 2006, the business now trades globally, employing 80 members of staff and turning over more than £10m per year.
Lloyds Bank recently provided the retailer with a £2.5m funding package to support the acquisition of a new head office and warehouse facility to house its inventory of more than 500,000 retro football shirts – the largest collection in the world.
“Matthew and Doug’s success is just one example of the entrepreneurial spirit we encounter with business owners across the North West.
“Firms of all sizes and sectors continue to look for ways to grow and provide better employment and, ultimately, move the economy forward.”
He said the region’s service sector is also continuing to thrive. For example, recent figures from the Manchester City Council’s State of the City report show business, financial and professional services make up Greater Manchester’s number one growth sector.
“But growth can also be seen in areas outside of the main city hubs,” said Mr Kendrick. “Preston is thriving as a destination for businesses.
“Just look at Vincent Solicitors. The law firm has increased its turnover by more than 30% in the past three years and is on track for another year of record growth.”
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Based in Preston and founded in 2000 with just two fee earners, today the law firm employs more than 100 staff.
Lloyds Bank recently provided the firm with a £1.2m tailored funding package to help expand its presence across the North West.
Looking ahead to 2020, Kendrick believes there is still life in the Northern Powerhouse project, which aims to increase connectivity in the north.
There are also expectations that the government will announce a programme of infrastructure investment in the North in a budget early next year.
“Now more than ever it’s important for the region to band together, putting more emphasis on devolution and greater unity between the Local Enterprise Partnerships.
“Having private and public sector leaders come together across the wider region to speak with one voice will be key to furthering the domestic agenda and helping to rebalance the economy nationally.
“Key city regions have already achieved a lot in terms of creating an environment where enterprise can flourish and I’m confident that the next 12 months will provide fruitful conditions for businesses, which in turn will impact on productivity, innovation, collaboration and job creation.”
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When asked about Lloyds Bank’s own commitment to the region and plans for the year ahead, Mr Kendrick said: “We have a strong presence in the North West and our commitment to businesses in the region remains as strong as ever.
“We’ve built longstanding partnerships with firms in a hugely diverse range of sectors and our locally-based relationship managers are extremely experienced, with an unrivalled knowledge of the issues and opportunities that firms here face.
“As part of our mission to help Britain prosper, we pledged to provide £1.3bn to firms in the North West during 2019 and that investment is being used to fund expansion, new product development, job creation and more.
“We have the expertise and the resources, and we will keep backing businesses of all sizes as they look to grow, innovate, export and achieve their full potential.”