The question now as the North West moves out of the recession is whether there has been long lasting damage or the creation of a stronger and broader based economy.
Taking a positive view, a number of significant changes have occurred that indicate the region has now got more global potential rather than narrowly domestic, and that is not because of having three world class soccer teams.
The main changes are: Liverpool has started to revive its entrepreneurial spirit and has Peel’s vast new developments to push it up the European league table; Transport continues to improve throughout the region and there is the high speed railway to come.
There are significant developments at Manchester Airport; Manchester has an improving office stock, personified by Spinningfields and now the area in and around St Peter’s Square; Salford continues to grow and Media City (where Peel plans a second phase) has had a major impact throughout the region, not least in terms of publicity from the BBC.
The region may be 200 miles from London but it will gain from the extended growth of the UK capital as activities are priced out of the capital. The first indicator of this is that more university graduates from Liverpool’s universities are staying in the city after graduation and finding jobs. The same is likely to be true in Manchester.
If we look back a decade, employment in the region was less secure and there was considerable uncertainty about the future of car manufacturing on Merseyside. Now the car companies are thriving and the business district in Manchester expanding.
This situation has been fostered by leaders such as Sir Howard Bernstein, Chief Executive of Manchester City Council and they know the future could be very favourable for the region, particularly if Westminster devolves more power.