Home Boost Business Lancashire logo

Business confidence in Lancashire ‘is on the up’

Aerospace Sector in Lancashire

Lancashire is bucking the trend when it comes to business confidence following the EU referendum – thanks to the county’s strong manufacturing base, according to Boost and Co member Haworths Chartered Accountants.

Mark Schofield of the Accrington-based firm shares his views following the release of the Institute of Chartered Accountants in England and Wales’ quarterly business confidence report. The latest ICAEW UK Business Confidence Monitor (BCM) reveals a national slump in business confidence, which has moved into negative territory at -10.2, a drastic drop from 0.8, the figure recorded last quarter.

Despite the national fall, the North West is bucking the trend with a positive 3.9 which, although modest, is the highest figure across the nation. I believe the secret to the positive outlook from businesses across the North West is the region’s strong manufacturing base, which Lancashire’s aerospace industry leads the way. Lancashire is the third aerospace hotspot in the world, standing behind Seattle (USA) and Toulouse, contributing some 25 per cent to the North West’s manufacturing function.

In addition to BAE Systems, the county is also home to a large supply chain supporting Airbus. According to the Airbus website, the backlog order book for Airbus is 6,869 aircraft. At a guesstimate, of around 60 aircraft per month, that equates to a lead time of 9.5 years.

Although the EU referendum vote has introduced a level of uncertainty for many companies across the UK, the substantial demand within the aerospace industry is a major component of the success Lancashire is experiencing and I believe a key factor for the resilient business confidence in the region.

Share

You may also like...

Meet the Boost team: Lateef Badat BOO_MTBT_LateefBadat
14th June 2024
 | 
Inspiration & Spotlight
Meet the Boost team: Lateef Badat
Boost Flying Start business adviser Lateef Badat, a seasoned business coach and mentor with a particular niche in the creative, digital and media sectors, talks about his role in supporting Lancashire businesses.
Building resilience: Thriving in a changing business landscape Building resilience thriving in a changing business landscape
11th June 2024
 | 
Inspiration & Spotlight
Building resilience: Thriving in a changing business landscape
In this helpful guide Boost business adviser Jaan Scott provides practical strategies, real-life examples, and actionable insights to help you build a resilient business capable of not just surviving, but flourishing, in today's ever-evolving business landscape.

Sign up to our newsletter

For insights and events to help your business thrive.

Please note if you do not agree to us sharing your information we will be unable to offer you full assistance under the scheme.
Funded by local govmt
Levelling Up
Department for Trade and Business
Northern Powerhouse
Lancashire County Council

The website uses cookies.

Some are used for statistical purposes and others are set up by third party services. By clicking 'Accept all & close', you accept the use of cookies. For more information on how we use and manage cookies, please read our Cookie Policy.