Subrahmaniam Krishnan-Harihara, Deputy Director of Research at the Chamber, looks at what the year ahead may have in store for Greater Manchester.
Economically speaking, the UK ended 2024 on a sombre note. The optimism we saw amongst businesses and consumers in the summer seemed to have petered off. If in the lead up to the Autumn Budget, the mood music from the Chancellor and the Prime Minister about the fiscal blackhole and tough decisions led to a postponement of purchasing decisions and business investment, additional taxation proposed in the Budget precipitated a further slump in business and consumer confidence.
And yet, the results of the latest business and economic survey conducted by Greater Manchester Chamber of Commerce showed an improvement in business performance and demand. Greater Manchester based businesses reported that both domestic and overseas sales had improved in Q4 2024 relative to the previous quarter.
The Chamber's research shows that Greater Manchester was the best performing - or should we say the least poorly performing? - region in the North West throughout 2024. That is something we can build on for 2025 and beyond.
Additional devolved powers and the integrated settlement that Greater Manchester will gain in April 2025 could make local decision making even more responsive to local needs. Our city region has many strengths and there are established plans for investment and growth. If we get it right, Greater Manchester can be a serene and shining star amidst the misshapen scenario that the UK economy now presents.
Don't miss the Chamber's first Economic Review of 2025, which will be held at Addleshaw Goddard LLP on 27th March - book your place here.