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Manchester 2025 – the Next Decade of Development 1 Manchester 2025 – The Next Decade of Development 1 Manchester 2025 THE NEXT DECADE OF DEVELOPMENT 2 Manchester 2025 – The Next Decade of Development Manchester 2025 – The Next Decade of Development 3 Introduction 4/ Michael Cole-Fontayn, BNY Mellon 5/ Jyoti Chopra, BNY Mellon Economics 6/ Christian Spence, Greater Manchester Chamber of Commerce 7/ Professor Fiona Devine, Alliance Manchester Business School Contents 8/ Lawrence Jones MBE, UKFast Development 10/ Michael Ingall, Allied London 12/ David Lathwood, JLL Manchester 2025 14/ Infographic: Manchester 2025 at a glance Infrastructure 16/ Baron Frankal, Manchester Airports Group 18/ Tim Newns, MIDAS Policy 20/ Sir Howard Bernstein, Manchester City Council 22/ Lou Cordwell, magneticNorth Culture 23/ Aziz Rashid, BBC 24/ Clint Boon Conclusion 26/ Matt Wells, BNY Mellon BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. The views expressed in this material are those of the authors only and not necessarily those of BNY Mellon. This material may not be comprehensive or up to date and BNY Mellon makes no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material. This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners. 4 Manchester 2025 – The Next Decade of Development Introduction Ten years in, many more to come In 2004 The Bank of New York chose Manchester as the location for its new Global Delivery Centre (GDC). The decision of where to base this site – which would house vital client and operational services – was not an easy one, but in many ways the city was the logical choice. Manchester and our wonderful staff have outperformed our expectations. Michael Cole-Fontayn Executive Vice President The city appealed for many of the number of roles which reflect the and Chairman of Europe, reasons it continues to be a world-class city’s status as a hub of financial Middle East and Africa at BNY Mellon business destination today. Manchester and professional services. is well-positioned, in the centre of the UK, with superb transport links. Meanwhile, As we celebrate our 10th anniversary in with a large working-age population and Manchester, I am proud of the evolution excellent universities, it has a diverse of the GDC. Thanks to our people – the talent pool for employers to draw upon. heart of all we do – we have developed And – not insignificantly – Manchester from being merely in the city to being has for many years had a proactive and part of the city. This has meant opening business-friendly local government. our doors to stakeholders from across Manchester, but also investing in the community in which we operate. In 2014, for example, our Manchester “We have people volunteered more than 3,800 hours for good causes, raising around developed from £75,000 for local charities across the being merely in the city region. For me, that contribution demonstrates city to being part clearly that we are invested in Manchester of the city” and it has led to the conception of this report – Manchester 2025. Over the past decade it has been a huge honour to be part of the city’s success story Our Manchester GDC, based in as it has grown in the face of challenges, Piccadilly Gardens, opened in 2005 not least the global downturn. We felt with 50 employees. In the 10 years it made complete sense, therefore, to since, we have grown headcount to consider what the next decade may bring more than 1,200, an increase that and how Manchester could look in 2025. led to us opening a second office in the city, in Spinningfields, in 2008. Future-gazing is no easy task and so we have assembled leading figures in their More than simply a rise in the number fields to ponder the coming decade and of roles, however, Manchester GDC has all it holds. We hope you enjoy reading their also matured into a key strategic location fascinating insights and predictions for this for BNY Mellon – as we are now called great city. – and one of our best-performing sites globally. Indeed, more than 20 business Enjoy Manchester 2025 – here’s to the next departments are represented in 10 years. Manchester, along with an increasing Manchester 2025 – The Next Decade of Development 5 Introduction Manchester – A heritage and commitment to diversity Diversity and inclusion are an integral part of the workforce and workplace at BNY Mellon. Our people are drawn from a wide range of backgrounds from around the world and we have made diversity and inclusion a key priority in how we operate as a global business and deliver services to our clients. Jyoti Chopra Managing Director and Global Manchester – among the most ethnically the varied interests of our diverse Head of Diversity and Inclusion at BNY Mellon diverse cities in Europe – has a broad range employee base and advance our work as of people from different backgrounds and the investments company for the world. experiences. The city has strong heritage in championing people’s rights, from the The city’s own diversity matches our many days when Emmeline Pankhurst led the initiatives and has allowed us to make Suffragettes in securing women’s right to our Manchester site a fantastic place vote through to today, with Manchester for talented people – who may not have hosting one of Europe’s largest annual typically considered a role in the financial LGBT Pride events. services sector – to launch, build and grow their careers with a global industry leader. And this is partly why Manchester has proven to be such a dynamic and vibrant In addition, our philosophy is that home and environment for BNY Mellon. in Manchester we have a variety of different types of roles and positions. Globally, we have built six Employee This has seen a wide range of people Resource Groups aligned to the key joining the firm, from apprentices and pillars of our diversity and inclusion graduates to experienced professionals, strategy. These cover groups for women, as well as people returning to work after LGBT employees and their allies, those a career break. from multicultural communities, military veterans and those with any Our ambition in the city is to offer long-term form of disability. careers to people from diverse backgrounds and to leverage Manchester’s diverse Our newest group launched earlier this population. year, focuses on employees drawn from different generations. Importantly, our site As we look ahead to the next 10 years, in Manchester has led the way in embracing this link will only get stronger and lead each of these pillars and now has thriving to BNY Mellon becoming an integral part Employee Resource Groups to represent of Manchester’s bright future. 6 Manchester 2025 – The Next Decade of Development Economics A city well-placed to prosper Manchester’s reinvention and reinvigoration over the past decade or more has been impressive. Shrugging off its post-industrial decline, its rebirth as a modern city is clear. Its business heart is thriving with homes, offices and factories. The benefits Christian Spence a large cluster of financial, legal and of this growth must be shared across Head of Research and professional services companies and Manchester’s growing population and there Policy at Greater Manchester Europe’s second-largest digital and remains much work to be done in ensuring Chamber of Commerce creative hub. Meanwhile, cutting-edge that all residents are able to take part in the science, innovation and high-technology future economy. manufacturing activity are inextricably linked to the strong knowledge The proliferation of the “hour-glass” base present in Europe’s largest labour market will require both high university population. – and low-level skills with fewer and fewer positions in the middle. Meanwhile, The city’s strength extends beyond a growing population will need somewhere business and includes a vibrant consumer to live, a problem that is increasingly being economy, including the most extensive shown to be unsolvable by our current retail centre and busiest tourist destination housing, planning, construction and outside London, and its world-leading – and financial systems. The next 10 years will see growth come mostly from our strongest industries “The next 10 now: professional services, creative and media, advanced manufacturing, energy, years will see logistics, arts and culture and retail, with growth come education and health both growing in importance in response to the demands mostly from for a skilled workforce and the challenges our strongest of an ageing one. But if history teaches us anything, it industries now” is that Manchester’s strengths are its resilience and ingenuity. Economic forecasting makes clear that our ability to predict the future is poor, and that it rapidly-expanding – arts, culture and sport is managing and responding to change, provision. It is, perhaps, this wide-ranging rather than foreseeing it, that allows us and comprehensive offer that has been the to best capitalise on the opportunities key to Manchester’s success. that Manchester in 2025 will give us. Looking forward, however, the city will face We may not know what it will look like in challenges, as any rapidly-growing urban the future, but Manchester will thrive. economy does. This includes attracting investment in infrastructure to facilitate access to jobs and transport between Manchester 2025 – The Next Decade of Development 7 Economics Inspiring Manchester’s future leaders Like BNY Mellon, Alliance Manchester Business School shares an important milestone this year.
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