A leading business organisation wants the Chancellor to use his forthcoming Budget to lay the foundations for an “economic revolution” 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.
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It has produced a four-pronged wish list with includes investment in digital infrastructure, social enterprises, the natural environment and skills.
“This is the chance for the Chancellor to create an economic revolution,” said SWBC chair Tim Jones. “It is a turning point for the economy.”
He said it is “a foregone conclusion” that Mr Sunak will , such as business rates and VAT relief, until June.
“That is a done deal,” he said. “But 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.”
Mr Jones said the past two years had been dominated by Brexit and Covid and now the Government needs to move forward, adding: “This is a chance to drive on.”
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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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“We have proved it works,” he said. “We 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.”
The SWBC is also calling for the establishment of Community Enterprise Zones so locally run social enterprises and initiatives can develop.
“People have learned, over the Covid period, how local recovery and resilience plans work,” Mr Jones said.
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The SWBC also wants to see measures brought in to help the region make the most of its “natural capital” assets, in other words its environment, and develop eco-friendly businesses, particularly in tourism, education and innovation.
“That growth can spawn a new generation of businesses,” Mr Jones said.
The SWBC is also calling for the Chancellor to offer more support for skills development and said: “We 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’t have to import people from abroad or other parts of this country.”