By David Ralph, Chief Executive of the Heart of the South West LEP
Happy New Year.
As we head into a new year, the road ahead seems challenging, but there are real opportunities for Government to help give our region’s businesses and economy a welcome boost for 2023.
The economic outlook remains difficult. Recent data shows that the economy contracted more in the autumn than originally expected, and the effect of that has certainly been felt by our businesses, who have been hit hard by the increased costs of doing business and consumers tightening their belts.
The Autumn Statement brought some much needed stability following last year’s energy crisis, supply chain disruption and rising inflation, but it lacked an overarching plan for real growth. The Chancellor’s next budget will be revealed on 15th March, along with the Office for Budget Responsibility’s economic forecast. It’s absolutely essential that this budget includes a coherent plan for growth, driving new industries and recognises the role the Heart of the SW and wide region can play. This will require investment, the development of new skills, and the connection of places to those new jobs and industries together with opportunities for the private sector to invest.
In that vein, it was pleasing to hear the Prime Minister set out economic growth driven by innovation as one of his Government’s key priorities. Few could disagree with that but as ever, what this means in practice, to our places, is critical.
Locally, the LEP will be doing what we can to help our businesses through the recession, and we will continue working to deliver the drivers to long term, sustainable, inclusive growth. For example the Heart of the South West Growth Hub will continue to offer free advice, programmes and grants to help businesses with growth, resilience, trade, and recruitment, supporting our business community through these challenging times.
Looking forward, there are many positive opportunities coming up. The launch of the Great South West is an exciting opportunity to promote some of our new industries at scale. The British Business Bank will be launching its £200 million South West Investment Fund, and we’re working with them to ensure HotSW businesses have the best access to that funding to support their future growth. We will also be committing early in the New Year a further £1.3 million into developing our digital economy, working closely with Connecting Devon & Somerset and other partners to support the rollout of superfast broadband to our more remote communities.
I remain optimistic about the long term future of this area. Let’s roll up our sleeves and get on with the job!
