Coventry & Warwickshire in business
Economy
Call for stability as businesses hear from Labour leader “We welcome the desire to speed up the planning system to get investment flowing and businesses building. It has also said it will legislate to tackle late payments which is holding businesses back. “These are just some of the measures that our members have been telling us they would like to see and we look forward to hearing more. “The Chamber is an a-political body that wants the best for business so it’s vitally important that we get our message to all parties and that, whoever is in Government after the next General Election – whenever that falls – provides stability.”
A Coventry and Warwickshire business leader said firms want stability – whoever is in Government after the next General Election – before introducing Sir Keir Starmer at an event in the Midlands. Louise Wall, Commercial Director at the Coventry and Warwickshire Chamber of Commerce, welcomed the Labour leader to the stage at Lunaz – a company based at the Silverstone Technology Park, just across the border in Northamptonshire.
Mr Starmer told the audience of national media and businesses that he wanted to “get Britain building” and that a sound economy would provide the platform to deliver for the whole country. Louise said: “We listen to businesses all the time and we have also been listening to what the Labour Party has planned. “There are some things which our members have been calling for, such as replacing the Business Rates system with a fairer one for all.
Mr Starmer said: “This is a Labour Party that has broken new ground in our relationship with business. The Party gets the value of private enterprise, and understands working people want success as well as support. We know that borders must be secured, economic stability is the foundation for everything, but that in tough times like ours, we must use the power of Government carefully, but decisively. “We need to stoke the fires of renewal, the pride and purpose I know burns inside communities like these.”
Latest unemployment figures show the need to close the skills gap Tackling the skills shortage is key to reducing unemployment, according to business leaders in Coventry and Warwickshire. Latest unemployment figures from the Office for National Statistics (ONS) have revealed that the UK rate of unemployment remained unchanged at 4.2 per cent in the three months to October. Corin Crane, Chief Executive of the Coventry and Warwickshire Chamber of Commerce, said that while work is being done to help close the skills gap in the West Midlands in the medium to long-term, more needs to be done in the short-term to tackle the issue. He said: “As we look ahead to the new year, it is clear that more work needs to be done to solve the skills crisis. “Here in the West Midlands we have been awarded £10 million of Local Skills Improvement Funds (LSIF) by the Department for Education – the
www.cw-chamber.co.uk
highest amount for any area of the UK – to close the skills gaps in a number of key areas. “While this is extremely welcome and fantastic news for employers across Coventry and Warwickshire, this will only help to address the problem in the medium to long-term. “In the short-term, there continues to be a skills crisis which needs to be addressed to support business growth and reduce unemployment figures.” Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce, said: “Labour market data continues to send mixed messages, as vacancies trend downward, but unemployment and employment remain largely static and pay growth outstrips inflation. “But while we may have fewer vacancies, we still have a major shortage of skills across our economy. This is holding back productivity and growth. So now is the time to
redouble efforts to prepare, upskill and reskill the workforce for the changes and opportunities ahead of us. “These remain challenging times for firms and the BCC’s most recent forecast predicts the economy will grow by just 0.6 per cent in 2024 and business investment will contract by 0.8 per cent. Government must do all it can to help businesses invest more in apprenticeships, technical education and upskilling people in work. “Every day, employers are struggling to fill jobs, so it’s essential that everyone who wants to work is given the opportunities and training they need to do so, urgently. “The Autumn Statement included some welcome steps, but with the immigration system now looking out of reach for most businesses, the Government must encourage investment in skills training and set out a stable, long-term strategy to support this.”
Recession fears will grow without clear growth plan, say C&W chamber The government must do more to boost a “fragile” economy and quell fears the UK could head into a recession at the end of the year, business leaders in Coventry and Warwickshire have said.
The Office for National Statistics (ONS) data has revealed that gross domestic product (GDP) rose by 0.3 per cent in November after declining by the same percentage points in October – outgrowing expectations. But it has declined by 0.2% over the past three months and the ONS said it has shown ‘little growth’ over the past year, leading economists to fear the country could be at risk of recession by the end of the year. Corin Crane, the Chief Executive of Coventry and Warwickshire Chamber of Commerce, said: “With inflation slowly declining and GDP showing flickers of recovery, we understand the Government’s cautious approach to economic policy. “But with slow GDP growth causing concern for the country, now is the time for them to seize the moment and tell us their plans to boost business and a stuttering economy. “High interest rates and a lack of skilled workers are two of the most common issues that businesses both locally and across the UK are needing to tackle before businesses can have confidence in being able to grow in the long-term. “As the build-up to the election gathers pace, it is vitally important that politicians from all sides put business at the centre of their plans, as they are the heartbeat of the economy and have a vital role to play in making the UK an attractive destination to invest in from overseas, too.”
23
