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The Economic Recession in Northeast England and Scotland - Research Paper Example

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The paper "The Economic Recession in Northeast England and Scotland" states that Michael Porter's theory of clusters says that the economic map of the world today is dominated by clusters: critical masses-in one place- of unusual competitive success in particular fields…
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The Economic Recession in Northeast England and Scotland
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Download file to see previous pages The recession effects were felt even in small cities across the globe. People lost jobs, companies closed down, the rate of unemployment shot up, the rate of basic income for people fell continuously from 2008 up until early 2010, property sales declined, immigration declined, crime rates increased among other issues. The world is slowly recovering from this tragedy with many countries and cities establishing mechanisms in which they can avoid the emergence of another financial crisis (Verick & Islam, 2010, pp. 10-15).
Northeast England
According to the BBC, the economy of the governments in Northeast England was the highest hit with a total of 188 businesses failing during the last quarter of the year 2008 (BBC, 2009). Financial data firm by the name Experian, Revealed that in the year 2008 the number of companies that went into liquidation grew up 61% as compared to the year 2007. The North East Chamber of Commerce expressed their concerns about the need for the government to make sure businesses could access vital finance. The figures collected by the firm indicated that the value of losses suffered in the region was double that of the UK average. One member of the North East Chamber of Commerce said that the times were worrying and that those figures were highly alarming. According to the Financial Times, “ Inevitably, the current recession has bitten-most painfully with the 12,00 jobs being shed at Nissan’s Sunderland plant, a highly-influential beacon of manufacturing excellence” (Tighe, 2009). This just shows how much companies were affected in the Northeast with large companies like Nissan laying-off so many workers. Between early 2008 and through most of 2009 the unemployment rate rose sharply in all the English regions. The rate of employment fell sharply during this same period. Analysts say that the effects of the recession are still being felt even in 2012. The Guardian reports that “Unfortunately there will, therefore, be no early end to the financial pressures on households across the country, while our regional growth estimates suggest some further widening of the North-South divide in 2012” (Allen, 2011). At the moment the governments are still on the path of recovery, businesses are beginning to do well. Most governments have removed trade barriers with the banks; they have also brought forward construction projects which have created job opportunities for many. Though the Northeast was the highest hit by the recession, analysts say that the north of England holds the key to Britain’s recovery from the recession. This is because the region has many entrepreneurs who have prospered in the region; however, the productivity gulf that exists between regions in the UK still cost the country Billions of pounds (Boffey, 2012). Generally, governments in northeast England have concentrated on investments and strengthening of education and skills in order to recover from the effects of the biting recession. 1.2. Scotland At the beginning of the recession many analysts said that Scotland would be worst hit by the recession. This did not happen as predicted and Scotland is already on the path to recover from the effects of the recession better than any other region in England. ...Download file to see next pagesRead More
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