Spring 2020 Issue
renowned for its innovative courses and the UK's largest one-campus university. Tim Newns, the executive of MIDAS, the city’s inwards investment promotor, said its growing status as the UK’s hotbed of innovation has seen it become a destination of choice for life sciences, digital development, financial services, manufacturing and education. “Innovation is crucial in establishing regional, national and international relationships,” he said, “and with the momentum that’s currently building, Greater Manchester – indeed the wider north-west – has all the tools in place to fuel further growth and cement our position as a world-leading destination for business.” The city enjoyed a 36 percent rise in SMEs from 20102018, which fuelled employment and steady economic growth. The fore-cast population increase from 20162036 is 15.1 percent. The job market is booming, and job openings are likely to outstrip those of major centres such as Berlin and Paris. The UK government supports innovation in the region with initiatives such as the Northern Powerhouse, an economic devel-opment plan to swing the balance of investment. The scheme facilitates improvements in transport and infrastructure, as well as investment in science and technology. It also promotes the devolution of the economic powers through “City Deals”. Boris Johnson’s government is keen to continue this surge in public and private investment. The Brexit “closure” is also ex-pected to have an “opening” impact. MANCHESTER RANKS #4 INTERNATIONALLY AS INNOVATION GROWTH HUB New York, Dubai and Singapore maintain their top three positions as the best international cities for business innovation value creation (See table 2). With coronavirus, trade wars and other uncertainties, Manchester has bumped several Chinese and SouthEast Asian centres to jump to the fourth spot globally. In a world under stress, Manchester’s domestic economic system – based on liberal capitalism, personal freedom, democracy and the rule of law – creates back-up for the city’s expertise in innovation and profit creation. REINVENTING INDUSTRIAL PAST Manchester is chock-full of ambitious and innovative professionals in engineering, sciences, arts and industries. Talent-hungry companies would do well to pursue their investment in the city. i
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CFI.co Columnist
Manchester: City Centre
ABOUT THE AUTHOR Tor Svensson has visited Manchester many times over the past 40 years and is always amazed by the city’s vibrancy. Svensson is chairman of CFI.co, and an economist, lecturer, businessman and researcher.