Manchester city centre

Manchester gaining strength from slower rivals, says Midas

Manchester will emerge from the recession stronger than its rival cities both domestically and internationally, according to investment agency Midas chief executive Colin Sinclair.

Sinclair said: "The competition for domestic and international inward investment is fierce. Cities slow to respond will suffer as global capital flows retrench and the domestic investment is put on hold. These are challenging times and Manchester has factored in the implications of a recession and we are working extremely hard to ensure that we are fit for purpose. We are confident of emerging stronger than our competitor cities, not only in the UK, but across Europe."

Sinclair was speaking on the publication of the first of seven reports that will influence Manchester's economic strategy for the next decade. The Manchester Independent Economic Review is claimed to be the largest such study to be conducted by a city-region in Europe.

The report's findings include:

  • Investment by foreign firms in Manchester, in contrast to the rest of the UK, does not 'crowd out' or displace jobs and investment by domestic firms
  • Manchester is one of the best placed cities in the UK to match the economic strength of London and South East
  • Manchester has the second largest concentration of people and businesses in the country with a highly skilled, lower cost workforce
  • Large businesses within the region are Manchester's main source of investment and productivity
  • Strong governance and targeted international relationships are vital to Manchester's position in attracting global investment
  • The city-region has the opportunity to emerge from the recession in a strong position thanks to its highly developed and competitive regional infrastructure.

The review is published by Manchester's Commission for Economic Development, Employment and Skills.

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