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Baron Frankal, Director of Economic Strategy

Baron Frankal, Director of Economic Strategy. Greater Manchester (GM) economy. Most significant economic agglomeration outside London - 2.5 million residents, 5 million within travel to work area - £54 billion GDP annually (5% of UK total). Source: Yale University Geocon Project.

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Baron Frankal, Director of Economic Strategy

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  1. Baron Frankal, Director of Economic Strategy

  2. Greater Manchester (GM) economy Most significant economic agglomeration outside London - 2.5 million residents, 5 million within travel to work area - £54 billion GDP annually (5% of UK total) Source: Yale University Geocon Project

  3. From Good to Great: Significant Challenges Concentrated Worklessness New unemployment Maintaining Inward Investment Major Infrastructure: transport, science Thick labour markets: an improved skills offer Political economies of Scale A whole system approach to economic regeneration is required

  4. What are the Key elements of Competitiveness? Business Growth Productivity GVA Skills Employment rates

  5. Competitiveness in Greater Manchester The Economy in GM • GVA has increased by 15.4% in the last 10 years • The number of businesses has increased by 10.2% • Employment has increased by 3.9% • The level of highly skilled people (“level 4”) has risen by 3.5% since 2004 • Manchester has seen a steady increase in it’s rating on the Competitiveness Index

  6. GVA in Greater Manchester 48000.0 46000.0 44000.0 42000.0 GVA (£ millions) 40000.0 38000.0 36000.0 34000.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

  7. Employment in Greater Manchester 32000.0 31500.0 31000.0 30500.0 Employment (000s of people) 30000.0 29500.0 29000.0 28500.0 28000.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

  8. Competitiveness in Greater Manchester However, • There are still 14.7% of people with no skills • There were already a significant number of people on benefits in 2007, before the beginning of the recession • A significant number of deprived areas in Greater Manchester

  9. Growth and inclusion Studies show that increasing growth does not necessarily increase inclusion New jobs are created but are not taken up by those excluded from society Increasing employment does not necessarily help those who have been excluded from the labour market

  10. Growth and inclusion It is necessary to link the opportunities created by a competitive economy with deprived communities Improving skill levels is also an aspect of competitiveness which increases inclusiveness through creating social capital and increasing employment

  11. Manchester Independent Economic Review (MIER) Main message: “agglomeration”. MCR has scale and density so bigger potential... but punches below its weight due to low productivity Need is for laser-like policy focus on driving up productivity, increasing agglomeration benefits and reducing agglomeration costs Emphasis on high skills and basic skills, but focus on early years experience in deprived areas Move on from sector-based clustering policy Explore potential for delegation and devolution Empower private sector more

  12. Greater Manchester Strategy • Greater Manchester is increasing its competitiveness in a number of ways • As well as working to expand and diversify its economic base, GM is also improving its transport connectivity • There is also a focus on supporting early years development of children, which will ultimately improve both inclusion and skills later in life • GM is bidding to be cutting edge in making the most of devolution, delegation and “localism”

  13. Baron Frankal Director of Economic Strategy New Economy baron.frankal@neweconomymanchester.com

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