Warrington council optimistic for economy despite 'flatline'

A report released by the Centre for Economic and Business Research (Cebr) claimed that although Warrington's economy remained steady throughout 2022, as the rest of the country recovers in 2023, the town is set to flatline.

The Cebr reported that Warrington's economy was not hit as badly by the recession that came at the end of 2022, but as towns across the country start to bounce back from the recession, the think tank says that Warrington's growth will slow down.

A think tank says that Warrington's economy is set to flatline towards the end of 2023 (Image: Newsquest)

In the report, Josie Dent, managing economist at Cebr, said: "2023 will be a difficult year for consumers and businesses across Warrington, with the cost-of-living crisis expected to lead to falling economic activity.

"However, Cebr forecasts that economic growth will resume in the second half of 2023, with most cities expected to see an annual expansion by the fourth quarter of 2023.”

Charlotte Rees-John, partner and head of Irwin Mitchell’s Consumer sector, said: “Last year presented numerous challenges and the downward pressure on spending activity, which continues to be concentrated in the consumer sector, looks set to continue throughout the first half of 2023.

“The consumer sector has however been one of the most resilient, agile and innovative sectors in recent times and those businesses that succeed during 2023 will be in a very strong position to take advantage of a more stable economic environment in 2024.”

The British Chambers of Commerce's quarterly survey of almost 6,000 companies shows that just one-in-three expect profits to rise in the coming year https://t.co/vaJ2BMeMbd

— Bloomberg Economics (@economics) January 5, 2023

However, representatives from Warrington Borough Council have reiterated their optimism for the future of the town's economy, in the face of the worrying predictions from the Cebr.

Steve Park, director of growth at the council, said: “While the City Tracker is an important indicator of Warrington’s economic performance, it’s not reflected in our interactions with domestic and international investors.

“Council-owned Birchwood Park reported one of its most successful years to date, including pre-Christmas announcements for Werfen, Atos, FX Cartel and Wain Homes.

"Elsewhere, the town centre continued its recovery from the pandemic with Warrington Market adding another two national awards in 2022 and recording its highest-ever daily footfall of 10,000 visitors before Christmas."

Warrington Market experienced an increased footfall that boosted parts of the local economy, members of the council have said (Image: Newsquest)

Stephen Fitzsimons, chief executive at Warrington Chamber of Commerce added: “Despite UK trade being down 20 per cent into the EU, Warrington Chamber of Commerce members are actually selling more overseas, with export licences up by over 10 per cent.

"We are pleased to hear that our larger neighbours in Liverpool and Manchester will experience growth, however, they are starting from a lower base, having been particularly affected by Covid-19.

"By contrast, our economy is anchored by the UK’s nuclear sector, speciality chemicals and the ever-growing logistics industry. We are confident that our strong and sustainable growth will continue as normal.”