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Comply a report detailing a comparative analysis of two economic regions.

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Introduction

Economic Report Brief Comply a report detailing a comparative analysis of two economic regions. Included in the specifications for the report are: - A current and recent economic history of both regions Detailed analysis of economic performance indicators of both regions A critical evaluation of economic indicators of both regions Forecast (based upon reasoned argument/evidence) of changes in economic performance indicators over the next 1-3 years An evidenced set of recommendations advising the poorer of the two regions as to how it may improve its GDP figures Introduction This report looks at the economy of two regions Newport and Blaenau Gwent. The report looks in detail at the two regions and compares them against each other. This report also looks at how the economies of the regions can be improved and also gives recommendations on how this can be achieved. Findings/Analysis To be able to study the two regions in depth we have to first acknowledge that the economies of the two regions do not operate in isolation. The two regions are part of Wales and the UK as a whole and as such there are factors that the region cannot control. Decisions on certain factors affecting the economies of all regions within Wales and the rest of the UK come from the government and the monetary committee. Factors such as Interest rates, Inflation, Exchange rates, taxes etc. For example the Interest rates in London and Newport are the same. Interest rates affect the economies of regions greatly if interest rates are high people are less likely to borrow money to be able to invest and the public are less likely to spend money. If the public spend less money this will affect businesses as they will need to cut back on production that could lead to jobs losses. It could be argued that different regions should have control over there own interest rates thus enabling the regions to low interest rates if they need to attract invest or increase the rates if they wish to encourage saving. ...read more.

Middle

There has also been investment in other areas of Newport including Newport docks and 28 East retail park. Newport docks has benefited from nearly �10m of investment. This investment included the construction of a new terminal for the St Gobain group and an extension to the ABP Dowds terminal. 28 East retail park in a development off Docksway consisting of 6 units. Current occupiers include Big W, MFI, Comet, Allied carpets and KFC. Over two years private sector investments in Newport have total �177.7M. The table below shows the proportion of investment by sector over the past two years. Sector % Of Total private sector investment Manufacturing 56 Office 14.1 Leisure 12.5 Retail 8.9 Distribution 4.1 Transportation 4.1 Unallocated 0.4 The high proportion of manufacturing investment is due largely to investments in new plant at Corus Llanwern and by Alcan. There have also been some infrastructure projects by the public sector that will bring benefits to some of Newport's more commercial areas. The largest project is the recent commencement of construction of the Southern Distribution road that will link junctions 24 and 28 of the M4 motorway with a two-lane dual carriageway that will include a new river crossing. This new road will greatly increase accessibility of the southeast Newport industrial areas with the motorway and will also open up sites for development on the west side of the river. Newport is able to attract this investment for several reasons. Newport has superb transport links that include the M4 motorway, Newport Docks and excellent rail links. Newport is also close the two international airports in Cardiff and Bristol enabling products to be transported world wide quickly and effectively. For businesses to locate in Newport there is not only the need for suitable land for premises but also suitable housing for the employees of the business. Newport has a large housing stock with more developments taking place. ...read more.

Conclusion

The council is due to launch the scheme in 2004 which will help people out o benefits and back into work. The project is a venture between the Council, Working Links, Jobcentre Plus, Careers Wale Gwent and the Welsh Development agency. The project called Jobs Match is a three year programme aimed at creating jobs and providing training to increase the number of people in employment. The scheme has been designed to help almost 1000 people back into employment, to start their own business, to encourage people into further/higher education and to help support community or voluntary organisations. This project along with others run by the Council and other organisations are aimed at getting more people into employment. When introducing schemes such as this the Council also needs to look at whether there are enough jobs in the area to fulfil the project aims. To increase the number of people in employment you also need to attract investment and new businesses to the area. Blaenau Gwent is a development area and as such grants and special loans are available from the government to help business get started in the area. It is important that Blaenau Gwent information on these schemes is available readily. Another way to possibly increase GDP is to try and increase average weekly wages. For Blaenau Gwent to be able to increase their average weekly wage to the same level as Newport they have to look at the types of industry that are located in Newport and how they may be able to attract industries similar to that to Blaenau Gwent. It is generally thought that manuals work is not as highly paid as skilled works. It is usually thought that the higher paid jobs are mainly in the tertiary sector. From the analysis above we can see that Newport has mainly tertiary sector business whereas Blaenau Gwent has mainly secondary sector businesses. Only 37.9% of the businesses in Blaenau Gwent are in the tertiary sector compared to 47.1% of businesses Newport. GDP in Blaenau Gwent may be improved by attract tertiary sector and high value businesses. ...read more.

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