Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

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

Comments (0) Cite this document
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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.2% of users find it useful
The Economic Recession in Northeast England and Scotland
Read TextPreview

Extract of sample "The Economic Recession in Northeast England and Scotland"

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
Cite this document
  • APA
  • MLA
(The Economic Recession in Northeast England and Scotland Research Paper, n.d.)
The Economic Recession in Northeast England and Scotland Research Paper. Retrieved from
(The Economic Recession in Northeast England and Scotland Research Paper)
The Economic Recession in Northeast England and Scotland Research Paper.
“The Economic Recession in Northeast England and Scotland Research Paper”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF The Economic Recession in Northeast England and Scotland

The Current Protection in England and Wales

Vis-a-vis the burden of the prosecution of proving the elements of the offense, there is the set of human rights to which the suspect is entitled and which must be respected by the police having custody of the suspect. These human rights range from the investigation stage to that of the trial stage of the criminal prosecution process and are provided partly by the conventions of the Human Rights Act of 1998. [The Stationery Office, 1998]
There is a great difference in law between the fundamental rights and liberties of individuals and the enforceability of rights and safeguards. The safeguards could only be made available through legislation and the provision of sufficient resources to give meaning thereto as well as make the...
11 Pages(2750 words)Research Proposal

The Economic Impact of the Emergence of China and India

The main macroeconomic variable that toys in the global economy’s shift are the emergence of India and China as new superpowers. This emergence certainly has a number of implications, but among the most relevant are: disruption of the equilibrium of the global economy which results in rising demand of goods, giving way to worldwide inflation; the attractiveness of outsourcing to these countries due to low cost but high talent workforce of these countries for cheaper operations.
The growing middle class of China and India results in booming demand for the automobile industry. This increase in demand, with the increasing purchasing power of these countries’ people, is not limited to automobiles but more apparent in...
10 Pages(2500 words)Assignment

Economic Value Added as Tool for Improving Performances

To discover whether pure profits exist, take the revenue of the firm and deduct the costs of all factors of production other than capital. Then deduct the pure return on capital and any risk premium necessary to compensate the owners of capital for risks associated with its use. Anything that remains is pure profits.” Simply in economic terminology economic value added (EVA) is commercial profits reduced by opportunity costs (that is the pure return on riskless investment and the risk premium). Lipsey calls the EVA defined in this fashion as “pure profits, economic profits or, where there is no room for ambiguity, just profits”.

Investors in any company are interested in real profits that are profits r...
7 Pages(1750 words)Report

Gross Domestic Product and the Nations Competency in Terms of Economic Welfare

It is often used to compare the economic performance to aid as a prediction tool and to analyze the business cycles and the recessive and expansive economic performances within them. This further aid economic and fiscal policy formulation of the government and is also used to analyze the consumer behavior and the economic phenomena involved. (Heakal, R. 2008).These figures can be a benchmark to compare economies of different nations and the economic prediction process is also made possible.

A usual pattern of assessing the Gross Domestic Product is to have an initial GDP report on every quarter which is an advance report. Two corrective reports follow this before the final figures on GDP are arrived at. It usually takes...
7 Pages(1750 words)Report

Emergency Economic Stabilization Act of 2008 and How It Has Impacted the Financial Markets

Though there were objections from various quarters about the huge amounts of tax payer’s money being used in the bailout of huge corporates, the Act has been successful in moving the downturn towards a flat point and now has started slowly moving towards a recovery stage. The various programs under the EESA 2008 have played a significant role in the financial sector, housing mortgage, and banking institutions to save the institutions from complete disaster.

The Emergency Economic Stabilization Act is a huge taxpayer bailout designed to rescue the financial sector. The amount of money to be used is around $700 billion or $2000 per American citizen (Public mark up). Emergency Economic Stabilization Act of 2008 is al...
10 Pages(2500 words)Research Paper

The Great Recession and France

Some countries have pushed for an international consensus on issues of concern to all. France, which has suffered severely from the crisis, with an economic contraction and rising unemployment, has tried stand in opposition to the UK and the United States both of which believe minor financial regulations can alter and improve the situation—France would like to see more wide-ranging reforms accomplished through the increased unification of Europe. Efforts to deal with the crisis have led the French government to seek out more partners in Europe and try to push Europe wide reforms and a sort of European (as opposed to American) new capitalism. The government of Sarkozy has criticized British tax cuts and suggested the key to g...
8 Pages(2000 words)Coursework

Economic Analysis of India

The country’s economy is fast growing with a stable political system that encourages foreign investment although with certain restrictions. The country generally has good energy, transport and communication systems which make the cost of doing business affordably.

The Republic of India found South of Asia is by far the world’s most populous democracy and ranks seventh largest in terms of geographical area (Brown, 1994). India is also the second most highly populated country in the world. The country has a rich culture with four major religions having originally emerged from it; Sikhism, Buddhism, Hinduism, and Jainism. The Indian Republic consists of seven union territories and 28 states and ranks twelfth la...
8 Pages(2000 words)Case Study

Royal Bank of Scotland

The bank provides personal and business banking, corporate finance, insurance, and private banking. Though the bank is based in Edinburgh, it operates globally (The Royal Bank of Scotland Group plc and London, 2009, Para 1).
The Approach of The Royal Bank of Scotland: The Royal Bank of Scotland has set some goals in which it is very clear. It commits to helping its customers in raising funds, managing risks and investing in successful plans. Its trust in its people’s creativity and skills has paved a way for this organization that goes to success only. The organization’s goal is to explore the best market opportunities for its customers. It is committed to improving the current methods of financing and concentrati...
6 Pages(1500 words)Assignment

International Business: World Economic Forum and Davos 2010

...Introduction Globalization, one of the most hotly debated issues means global capitalism to some while others consider it to be the continuation of modernism with the forces of wealth, progress, democracy and happiness at play (Kellner, 2002). Globalization is considered to be beneficial which promotes economic prosperity, cultural diversity and technological advancement. According to the critical social theory, technology and capital work together to create a new globalized and interconnected world. While each force of globalization is important, technological revolution has impacted the business models, value creation and differentiation (Spelman, 2010). The cloud computing technologies that have made the popular social networking...
7 Pages(1750 words)Coursework

Globalization and World Economic Forum at Davos 2010

...Globalization and World Economic Forum at Davos Forces Driving Globalization Globalization has resulted in enhanced interdependencies among thenations of unprecedented scale. This augmented interdependence has caused the dismantling of trade barriers and liberalization of markets. The forces of globalization have impacted the nations, the firms and the individuals alike with the prerequisite of liberalization of trade (Awuah, 2009). The seven forces of globalization are; Markets, Production, Culture, Labor, Technology, Environment and Liberalization. Of these factors, the globalization of markets has engaged substantial attention of the firms and the academia. Some markets are highly globalized, while some are not. The scale of market...
7 Pages(1750 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic The Economic Recession in Northeast England and Scotland for FREE!

Contact Us