Before, during and after?
As the Chancellor stands up today to announce measures aimed at securing the nation’s economic recovery from the Coronavirus crisis, we’ve published an in depth look at what the official statistics say about the North East and the effects of the crisis.
This report, Before, During and After? – the North East’s economic outlook, highlights that this national crisis, which has had had largely national response to date, is being felt differently in different parts of the country.
In the North East, nearly three quarters (72.4%) of businesses have seen a fall in turnover as a result of the crisis, compared to 64.8% nationally.
Nearly three in every ten jobs in the region (28.08%) are currently being supported by either the Coronavirus Job Retention Scheme or the Self-Employment Income Support Scheme.
The underlying weaknesses in the region’s economy have been brought into focus by this crisis, and so the response must reflect that, with substantial and sustained investment to narrow the gaps between the North East and the UK on measures like unemployment, growth and pay.
The North East a region of tremendous promise hampered by historic underinvestment, creaking infrastructure and deep socio-economic inequality.
The Chamber is a constant advocate on behalf of North East England and its business community, but it has never been more important to address these underlying issues and make genuine progress towards ‘levelling-up’ the economy and tackling the North-South divide.
Doing this right starts with taking an honest look at the current picture and highlighting where process needs to be made to allow the region to not only weather the storm of Coronavirus but be stronger and more resilient for decades to come.