There has been a lot of talk in recent days about the North East’s ability to absorb the expected job losses in the public sector that will come about on the back of the Comprehensive Spending Review.
There is no doubt, that a tough time is ahead, but one that is entirely necessary to help balance the country’s books and get the economy back on track.
The private sector is already demonstrating it has the ability to fill the gap left by the redundancies in the public sector.
Since September, North East newspapers have reported:
• The creation of 6,968 private sector jobs in the region
• £510.64m of new investment by private sector business in the region
• £571.8m of new contract wins by private sector businesses in the region
• 42 firms recruiting for new jobs
These involve jobs that will suit a range of abilities and includes Tesco’s banking arm creating 1,000 jobs with 500 already recruited and another 500 over next two years, at a customer contact centre in North Tyneside and Air Products is seeking planning approval for gasification plant on Teesside that will generate 700 construction jobs and 50 permanent positions.
For our economy to thrive, low interest rates must be maintained and for that to happened public expenditure needs to be curtailed.
The private sector announcements, during the last few weeks, clearly show that region has the resilience, skills, and talent to step up to the mark.