EEF NW comment on Chancellor's speech on the economy

Commenting on the speech by the Chancellor of the Exchequer yesterday, David Ost, North West Region Director of EEF, the manufacturers’ organisation, said: “Faster growth and more positive business surveys do suggest that the outlook is improving.

"But the Chancellor is also right to stress the scale of the challenge. With business investment still down by 25% and manufacturing by 10% on where they were before the recession, we still have a long way to go to create the balanced economy that will deliver lasting improvements in living standards.

“Though the government has done more in the past 12 months to promote growth, we need to make sure that having turned the corner we don’t lose our way on the path to a better balanced economy.

"We still lack the overall strategy that will clearly set the direction for all Government departments to follow and, one which will send out a clear signal to potential investors.”