THE post-Brexit devaluation of the pound is having some short-term benefits within the region. Manufacturing exports are up.

However there is a balance issue overall for the UK and unfortunately we import more that we export.

The money is flowing the wrong way and other goods will become more expensive, particularly with rising oil prices.

The question is now how long will it take for the pound to settle and find a new level on the markets and will there be an opportunity to rebalance what we do? ‘Made in Britain’ was a sign of pride and quality at one point, but unfortunately some sectors have now taken the ‘offshore’ option even if they have not already been forced out by cheaper imports.

So how can the north west, with a strong engineering heritage continue to survive and prosper?

Although this is perhaps a short-term advantage for existing exporting manufacturing firms it does create a little more margin. The strategy has got to be to take the extra revenue and invest to protect against future challenges.

Cutting-edge equipment, new product development, workforce up-skilling should all be on the list for employers. Britain was caught napping before, let’s regain some ground.

LAWRENCE Bellamy is associate dean at the University of Chester's Padgate campus and writes a regular column for business