Dennis Turner, the chief economist of HSBC bank, has warned businesses the climb out of recession will be slow.

Mr Turner, who addressed more than 40 business leaders at a breakfast briefing at the Mansion House in York, said: “It’s going to be a slow climb uphill but at least we are on our way. All the levers that need to be pulled have been pulled.”

He said he felt the UK was on course for a modest recovery with recent business indicators moving up, house prices rising, and companies beginning to restock which would help the manufacturing industry.

But he said the credit crunch remained a concern and it was up to the banks to start lending again to stimulate the economy.

He argued manufacturing needed to take centre stage in the new government’s plans for recovery and said exports would play an important role in the UK’s return to solid economic growth.

The HSBC bank is expanding its support for exporters in North Yorkshire with the appointment of Jonathan Rutter as international commercial manager and Tom Barton as international commercial associate.

They will be helping companies with turnovers of between £5million and £25million to realise worldwide trade opportunities.

Mr Rutter said: “The recession meant many companies had to look beyond the domestic market for growth. They reinvigorated their businesses by exploring new opportunities. Having a global banking partner has helped strengthen many of these businesses.”