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New Economy Working Papers Archive
NEWP 07: Mergers and Acquisitions Activity: Manchester City Region in Focus
July 2011
Kram Sadiq, Philip Shapira and Alexander Roy
This paper considers how Greater Manchester might move forward in stimulating business innovation to underpin long-term sustainable growth. The paper recognises the strong set of institutions that provide business support to businesses in Manchester. However, the paper suggests that the recent economic downturn and changing policy and institutional structures make it timely to review approaches to the delivery of business innovation support across the conurbation. The report proposes a three-part strategy to build up innovation support for local enterprises in Greater Manchester.
NEWP 06: Mergers and Acquisitions Activity: Manchester City Region in Focus
December 2010
Alex Cole
This paper analyses mergers and acquisitions (M&A) and corporate finance activity in the Manchester City Region (MCR) over the last decade. This activity is tracked by volume (number of deals per quarter) and value (total consideration of deals per quarter) in order to focus on: (1) how this activity serves as a barometer of the strength and confidence of the city’s business community, as well as (2) the levels of debt and equity funding provided to MCR firms. The paper looks at trends in terms of the sources of finance used to fund deals and the sectoral composition of the bidders and targets involved in the deals. Comparisons with other UK provincial city regions are provided for context and benchmarking. The paper then draws-out policy conclusions from the research, in terms of how trends in M&A activity might have implications for investment strategies and ensuring a healthy and dynamic business community in the MCR.
NEWP 05: Agglomeration and Governance: Greater Manchester in a European Perspective
October 2010
Alan Harding
James Rees
Marianne Sensier
This paper summarises the findings of a recently-completed study for ESPON which had two main purposes: to assess the extent to which new forms of ‘agglomeration’ – that is, the tendency for economic activities to group together in particular places – have resulted in growing differences in the economic performance of key urban areas in Europe; and to understand, through selective case studies, the role that metropolitan / city-regional governance arrangements have played, and could play, in promoting and managing new agglomeration patterns. The study’s findings on these two broad issues are used to assess the challenges that Greater Manchester’s emerging city-regional governance arrangements face in the radically changed economic and political conditions that are resulting from the impact of the global financial crisis and the way its effects are being managed in the UK.
NEWP 04: Increasing Manchester’s Connectivity with China
May 2010
Li-Hsia Chan
Juan Gomez
China is developing into a global economic leader and pursuing investment opportunities throughout the world. To capture these opportunities, Manchester should continue to enhance its connectivity with China to deliver economic benefits to the region. The paper examines the links Manchester has created with China through trade and investment activity, local authority relationships, education, tourism and leisure activities. Drawing upon our research and consultations, the authors present a set of high level objectives that strengthen engagement with China and propose actions to deliver these objectives.
NEWP 03: Three’s Company: How employers, individuals and Government shape skills supply and demand
February 2010
John Holden
The importance of skills policy in achieving a wide array of economic and social objectives is well recognised. Recent national and city regional policy has sought to put employers at the heart of a demand-led system to meet the needs of both employers and individuals. This paper examines how this approach works in a city regional context, focusing on the roles and motivations of individuals, employers and Government and the tensions between them. It assesses how these come together to shape the vocational education and training supplied in Manchester. Attention is also paid to past attempts to provide employer leadership to the English skills system, the market failure rationale on which intervention is based, and wider issues concerned with ensuring skills are effectively utilised in the workplace. The paper concludes with recommendations for the future direction of policy in Manchester.
- NEWP 03 – Three’s Company: How employers, individuals and Government shape skills supply and demand (631kb)
NEWP 02: Tracking Unemployment in the North West Through Recession and Forecasting Recovery
February 2010
Prof. Michael Artis and Dr. Marianne Sensier
This is a technical paper that assesses turning points in the economic cycle of sub-regions by applying a business cycle dating methodology to monthly North West local authority district claimant count.
We date the transition of all districts of the North West into recession beginning in June 2007. By utilising manufacturing and service sector survey information in a modelling exercise, we forecast the continuation of the recession for the North West region’s employment cycle into 2010. A longer term forecast with the Land Registry’s house price index predicts a transition to an expansion phase in the fourth quarter of 2010.
- NEWP 02 – Tracking Unemployment in the North West Through Recession and Forecasting Recovery (1974kb)
NEWP 01: The early stage equity market in Manchester: the impact of public policy on investment, talent and networks
October 2009
Michael Corbishley and Adrian Nolan
New innovative high growth companies increase city and regional competitiveness but they need to be nurtured and have access to the necessary financial support mechanisms. This paper examines the access these potential high-growth comapnies have to capital within Manchester and the surrounding areas. It assesses the factors that may limit the quality and quantity of early stage equity investment and considers how the flows of capital can be improved.
