A leading business organisation wants the Chancellor to use his forthcoming Budget to lay the foundations for an 鈥渆conomic revolution鈥 to boost the region well beyond the Covid crisis.
The South West Business Council (SWBC) said Rishi Sunak must do more than simply deal with the economic fallout from the coronavirus pandemic and its lockdowns when he gives his statement on March 3.
SWBC, , said the Chancellor must look well ahead and bring in measures which will create economic stability and growth.
It has produced a four-pronged wish list with includes investment in digital infrastructure, social enterprises, the natural environment and skills.
鈥淭his is the chance for the Chancellor to create an economic revolution,鈥 said SWBC chair Tim Jones. 鈥淚t is a turning point for the economy.鈥
He said it is 鈥渁 foregone conclusion鈥 that Mr Sunak will , such as business rates and VAT relief, until June.
鈥淭hat is a done deal,鈥 he said. 鈥淏ut what we want is a vision for the future, where is the South West economy going to be in 10 years? The revolution needs to happen now.鈥
Mr Jones said the past two years had been dominated by Brexit and Covid and now the Government needs to move forward, adding: 鈥淭his is a chance to drive on.鈥
SWBC said there are four areas the Chancellor should look at to regenerate the West Country economy, including the digital sector.
Mr Jones said the region had embraced digital change far faster than anticipated and said it has advanced five years in just 12 months, due to the pandemic, with businesses operating online and remotely.
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鈥淲e have proved it works,鈥 he said. 鈥淲e have been able to communicate remotely and build businesses remotely, The South West has so many green shoot businesses ready to launch on the national and international markets and would be supported by a digital revolution.鈥
The SWBC is also calling for the establishment of Community Enterprise Zones so locally run social enterprises and initiatives can develop.
鈥淧eople have learned, over the Covid period, how local recovery and resilience plans work,鈥 Mr Jones said.
WHAT DO YOU THINK THE CHANCELLOR SHOULD ANNOUNCE IN HIS BUDGET? PLEASE COMMENT BELOW
The SWBC also wants to see measures brought in to help the region make the most of its 鈥渘atural capital鈥 assets, in other words its environment, and develop eco-friendly businesses, particularly in tourism, education and innovation.
鈥淭hat growth can spawn a new generation of businesses,鈥 Mr Jones said.
The SWBC is also calling for the Chancellor to offer more support for skills development and said: 鈥淲e need a solution that fits the characteristics of our community, from primary schools onward, so the South West has a more self-supporting workforce, and we don鈥檛 have to import people from abroad or other parts of this country.鈥
