Written by David Ralph, CEO of the Heart of the South West LEP.
The Chancellor’s Autumn Statement has been announced, and I’m pleased to see several positive measures to encourage investment and innovation. There is clearly a big focus on restoring stability, which is certainly needed following the changes in leadership and the economic downturn; however, there is more to be done.
It’s hard to disagree with the ambition for energy security, infrastructure and innovation, but we are missing a clear and comprehensive plan to grow the economy. Without this, we risk these ambitions not being realised.
There is still uncertainty over the outcome of the Energy Bill Relief Scheme, and how our businesses will cope with increased energy costs. The renewed focus on energy efficiency is positive, but we need large-scale investment now, rather than pushed back to 2025, in order to truly support our businesses in the current climate. The cost of living crisis, and cost of doing business crisis, means direct action must be taken to support businesses and communities, with our region’s coastal and rural areas hit particularly hard, and in urgent need of levelling up.
The refocus of the Investment Zones on universities in left-behind places opens up an opportunity for the proposed Marine and Environmental Accelerator, which will see the South West create the world’s first Maritime Autonomy Assurance Testbed, and establish a South West Technopole.
The Cornwall devolution deal presents the chance for us to work with partners in Cornwall to maximise the opportunities the deal presents to our shared priorities, such as Floating Offshore Wind.
Looking back to the Heart of the South West, our region clearly has a role to play in the country’s Clean Growth, with strengths in clean energy, clean aviation, and clean marine. But these all require investment, new skills to support our blue and green economy, and support for new businesses. The Statement fails to clarify how these things will happen. I would also like to see the de-carbonisation of the rail network, completion of dualling of the A303/358, and project gigabit delivery prioritised, as critical steps in the South West’s growth journey. There is much more that needs to be done to realise the opportunities we have here in the Heart of the South West, and ensure that we can play our part in the country’s future.
