A recent CBI (The Confederation of British Industry) survey announced that for the first time since 2003, business confidence has declined in every UK region (including the North East).
The manufacturing industry has also seen orders falling recently which is consistent with the general slowdown in the domestic economy. The recent interest rate cut announced by The Bank of England is expected to help boost business confidence in the Manufacturing industry with another rate cut forecast before Christmas.
Even with this additional rate cut, businesses in the Manufacturing industry have found 2005 a difficult year so firms are doing all they can to cut costs to help them through this difficult period. Other regions have seen large scale job cuts with 7,000 job losses in the South East & London and 4,000 job losses in the North West regions in the current quarter alone.
The North East has yet to see job losses on that scale in 2005 but businesses in the region are still looking to cut costs whenever and wherever possible. One sizeable expense for firms in the manufacturing industry is insurance premiums so a local North East Insurance provider can now provide local manufacturing firms with a service that could help them reduce their outgoings.
Northern Counties Guarantee Corporation Ltd have secured deals with the UK?s leading insurance companies to provide manufacturing insurance and Mark Burdett of Northern Counties had this to say, ?We have many clients in the manufacturing industry and I know from speaking to them that 2005 has been a hard year. I also know that the insurance facilities we have mean that firms can potential save themselves money on their insurance premiums without having to sacrifice cover or quality. We pride ourselves on providing quality policies, levels of customer service and support and extremely competitive premiums. For any Northern based business in the manufacturing industry, Northern Counties will search the market to find them the best possible deal.?
NOTE TO EDITORS
Northern Counties Guarantee Corporation Ltd is a Gateshead, Tyne & Wear based Insurance Brokers. Established in 1928, the company can provide all types of Business, Commercial and Personal lines Insurance. They also have an exclusive Motor Trade Insurance scheme with the World?s 3rd largest Insurer who has global assets of over $110 billion. The Northern Counties team consists of insurance experts with over 350 years (or half a million hours) of insurance experience between them. Northern Counties are members of the North East Chamber of Commerce and actively support the North East England campaign run by One North East to help promote the North East of England.
Northern Counties - The North East of England?s Local Insurance Provider