In the weeks leading up to Christmas and into the New Year we are hearing very mixed and uncertain messages when it comes to the national economy. There are some real doom merchants preaching an apocalyptic economic meltdown for this year. In recent months ‘credit crunch’ has become talk of the man in the street, petrol prices at the pump have been volatile, some retailers have posted poor trading figures; and the Bank of England has been trying to juggle interest rate cuts against reducing inflationary pressures.

There is no question that we are facing the most challenging economic climate for at least five years if not a decade. The real danger is that we talk ourselves into a recession making it a self-fulfilling prophecy. There are still grounds to believe that we can weather the storm. A recent article in the Lancashire Evening Post highlighted banking sector research pointing to the strength of Lancashire’s economic performance. There has been a rise in month-on-month business activities for the 29 straight months. This has been matched by growth in new orders for 30 consecutive months.

More locally there are encouraging signs that Central Lancashire can ride out economic turbulence. According to various economic indicators the outlook for the local economy is good. Central Lancashire is performing above the national and regional averages, which is bolstered by forecasts that employment rates will remain above the regional averages. There is also a need for the more entrepreneurial businesses and individuals are vital to sustaining a positive economic picture for the City

Securing increasing levels of inward investment is a central plank in Preston’s economic development strategy for the next decade. This is an issue where I get on my soapbox. Preston’s attempts to secure much needed investment are blunted by the obvious non-existence of a marketing strategy. What is the message we are selling to the world about Preston as a place to visit and to do business. This is the challenge for 2008!!