Business confidence, recruitment uncertainty and investment opportunities were put in the spotlight at the latest Lancashire Economic Breakfast.
Decision-makers from across the county were given fresh data from the latest Quarterly Economic Survey about the state of the local economy and the impact new National Insurance hikes might have on businesses.
Chamber members quizzed a panel of experts chosen by sponsors, purpose-led independent law firm Brabners, during the event at The Mill at St Catherine’s Hospice in Preston.
They included Brabners chief executive Robert White, Jayne Raven from Amber River True Bearing, Jane Dalton from Groundswell Innovation and Jenny Natusch from Escape2Make.
The latest Quarterly Economic Survey (QES), conducted by the North & Western Lancashire Chamber of Commerce, reveals that many businesses are holding back on recruitment and investment plans in the wake policies imposed on the business community from the last Budget.
Delegates at the event also questioned the impact of Donald Trump’s tariffs, how this will affect their plans when exporting and the wider impact on the Lancashire and UK economy.
The panel explored options to encourage Lancashire businesses to increase investment in productivity and ways to improve skills and training provision to better support the county’s growth plans.
Brabners, which sponsored both the survey and the Lancashire Economic Breakfast, has over 550 colleagues across four offices in the North of England. Its True North network, of over 400 organisations committed to supporting the North’s future – was established to unite the region’s most influential and purpose-driven voices to unlock the potential of the Northern economy.
Speaking about the results of the QES, Robert White, chief executive of Brabners, said: “The latest QES paints a slightly more optimistic picture than in Q4 2024. However, longer-term challenges for the Lancashire economy are also reflected in the results, particularly in relation to investment intentions declining and recruitment difficulties remaining stubbornly high.
“94 per cent of manufacturers cited difficulties hiring skilled manual workers, indicating a worrying mismatch between the county’s business needs and skills provision, which is consistent with the key issues identified by Brabners’ True North network in our Scaling Northern Ambition report.
Robert also discussed Lancashire’s current devolution journey and how this this had the potential, in part, to solve Lancashire’s skills issues.
He added: “Devolving key economic policy making, supported by appropriate funding, is an integral part of improving the North’s productivity puzzle. The same approach must be applied to skills provision to address this challenge effectively.
“However, the survey results again suggest a ‘branding’ problem with how Lancashire’s devolution journey can benefit the business community – just one per cent of firms strongly believe devolution can improve business conditions.
“There is a real danger that Lancashire could be left behind by counterparts in other regions of the North, where evidence shows devolution is beginning to reap significant economic benefits.
“As a result, Lancashire’s political leaders must grasp the ‘moment in time’ generational opportunity with both hands and engage with the business community in a way that clearly sets out the benefits devolution can bring and creates the environment for us all to collaborate, work together and co-create a route towards a more productive and inclusively prosperous future.”
Read the report here – QES Report Q1
