Introduction David Ralph, HotSW LEP CEO
This month we’ve released the Winter 2022/23 edition of our quarterly Business Bulletin, providing a roundup of the latest economic statistics and sentiment nationally and locally.
It provides a wealth of evidence to show how economic headwinds are buffeting our region and the country as a whole.
The much-reported challenges on rising prices and interest rates are coupled to especially weak business sentiment in the South West, and what continues to be the tightest labour market in the country, whilst the forthcoming changes to energy support are creating a cliff-edge for our businesses.
Tourism and hospitality businesses are still seeing big challenges, although December retail sales were encouragingly higher. Over the medium term our region is ahead of the UK average when it comes to house-building and business start-ups. However, the lack of a clear plan for growth to boost investment is something I’ve noted before, and many voices are increasingly clamouring for this. I will be interested to see the March budget, and whether it includes any substance to add to the “4 Es” announced last week.
In the meantime, the LEP and local partners continue to push to maximise the opportunities in the area and to mitigate the impact of the economic turbulence. In this month’s newsletter, find out which projects have received Levelling Up funding, read about the launch of the Great South West at the House of Lords, discover insights into our region’s growth with our dashboards, find out how our Growth Hub can support your business, and more..
David Ralph
Chief Executive
Insights into Clean Growth
The Heart of the South West has pledged to be a pioneer with its bold commitments to clean growth, and an ambition to place our area on a resilient pathway to net zero.
Our Clean Growth dashboard was recently updated with the latest data and insights, setting out the key roles our area can play to drive better performance, including CO2 emissions, energy production, transport, and energy consumption. Take a look to delve into the positive changes made in our area, and where we need a major shift in pace and scale.
Our Winter Business Bulletin is here
Our latest Business Bulletin delves into national and local data to provide a roundup of economic statistics and business sentiment, conveying the views of over 25,000 businesses within Heart of the South West.
Take a look at the Winter 2022/23 Bulletin to discover insights into the labour market, business finance, the recession, growth (and de-growth), startups, investment, and more.
HotSW receives £64.5 million to level up
£64.5 million of Levelling Up funding for a new railway station, green technology research, a major link road extension and a health and social care training academy has been announced for communities in the Heart of the South West.
The Levelling Up Fund is part of the Government’s aim to grow the economy by providing investment in communities that will create jobs, drive economic growth, and open up more equal opportunities.
How is our economy performing?
Our mission is raising productivity and ensuring prosperity for all. This involves helping to tackle the Heart of the South West’s long-standing structural challenges facing our economy, which impact our businesses and communities.
Our recently updated economy dashboard analyses data across key issues including productivity, innovation, digital connectivity, business, and employment, to give a picture of the area’s economic performance and productivity, and inform priorities going forward.
Help your business Thrive!
The Heart of the South West Growth Hub’s Thrive programme can support your business by offering free support on increasing turnover, growing your business, business planning, finance and much more.
Thrive will be coming to an end on 31st March 2023, so if you still haven’t taken advantage of this free support programme, (or if you haven’t completed your 12 hours of support) now is the time. Whatever your current business challenge, Thrive is here to help.
Flexible spaces with Devon Work Hubs
Devon Work Hubs has 24 co-working spaces across the county, and is continuing to grow, with support from the LEP. The network offers access to a variety of meeting rooms, hot desks and office spaces for freelancers and small businesses.
With more people working from home or adopting a hybrid option, Devon Work Hubs are playing a key role in helping provide better flexibility for people looking for a workspace.
Fill vacancies with skilled talent
Is your business recruiting?
Skills Bootcamps, delivered by Somerset Council and Devon County Council, are a great opportunity to fill vacancies.
Recently trained individuals who are finishing Skills Bootcamps in IT, cyber, programming, welding, electric vehicles, data analytics, marketing, databases and more are now looking for opportunities across Devon and Somerset.
Roots to Market workshop
DATA are hosting a free on-farm workshop at Pipers Farm on Thursday 23rd of February.
Hear directly from farmers on how they have developed alternative routes to market, supplying directly to their customers.
Local agricultural businesses, and others in the supply chain, are invited to explore examples of holistic farming practices, which have used digital solutions to support farming businesses.
Great South West launches at House of Lords
The ambitions for the Great South West, the new economic powerhouse promoting the Cornwall, Isles of Scilly, Devon, Somerset and Dorset region, were announced at the House of Lords on Tuesday, January 10th.
The Partnership aims to promote the Great South West’s ‘blue and green’ assets, as part of the region’s ambition to become the UK’s ‘Natural Powerhouse’.
Lymington Road Coach Station work update
The initial phase of works to transform Lymington Road Coach Station in Torquay has been
completed after demolition work started in July 2022. The site is now ready for building work to begin in spring 2023.
With funding awarded by our Getting Building Fund, the project will provide space for small businesses, with improvements also being made to the design and public space.
What does 2023 hold for the Heart of the South West?
Catch up with the latest blog from our CEO David Ralph, for insights into what the year might hold: “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.”
“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.”
Virgin Orbit launch makes history
Our CEO, David Ralph, comments on the Virgin Orbit launch: “It was fantastic to see our neighbours in Cornwall make such a historic launch, despite failing to reach orbit. The Spaceport puts our entire region on the map, and showcases the South West’s innovation, leading space sector, and technological capabilities.”
The historic first attempt to launch satellites from British soil reached space, but ultimately fell short of reaching its target orbit, on the 8th January.
