Manchester City Council

Bearing Fruit

The progress Manchester has made over the last couple of decades has been remarkable but transforming a city can't be done without taking the odd chance and without occasionally getting something wrong.

The Council and its partners have had to make some big decisions but few have been bigger than the one taken, along with the other nine Councils in Greater Manchester,to bring in a new equity partner to Manchester Airport Group and for Manchester to surrender its majority stake in order to buy London Stansted Airport.

Today's half year results for the group are the first signs of us benefitting from that decision. Manchester and Stansted have both had excellent summers and MAG has declared an interim dividend for the first time in its history, with an unexpected but very welcome £20m coming into the collective GM coffers.

This is not a special one-off dividend but follows common practice in reflecting the trading performance of the company. It is of course impossible to guarantee future trading performance, but we can reasonably use this extra cash to off-set the impacts of government cuts. Clearly it's not enough to eliminate the cuts but it will make a difference.

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The blog of the leader of Manchester City Council, Councillor Richard Leese.

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