For the businesses that completed our latest quarterly sentiment survey, and those I talk to across the Thames Valley, confidence levels for growth and appetite for investment have been dented significantly by the Autumn Budget. The realisation of further rising costs due to the well-reported pending tax increases has been a blow. Businesses are not impressed.
As a result, keeping abreast of the Government’s ‘English Devolution White Paper’ and the responses to it from local authorities across the Thames Valley, is not always at the top of local businesses’ to-do-list.
However, the prospect of civic regional leadership is worth noting as the deliberations on structural reform of local government have begun.
The BBC reports “[devolution] is the biggest change to local government in a generation. It would see the creation of new super authorities that take power and money from Westminster”.
“Greater working together across boundaries works best in areas including transport, skills and employment support, housing and planning and tackling climate change, the government has said”.
It is true that there remains unanswered questions about the additionality for the Thames Valley region that would be delivered by greater devolution, and unanswered questions about the prospects for additional public funding for infrastructure, development of our region’s key sectors, decarbonisation, place promotion, and support to remove barriers to growth for international trade and skills development.
Answers to such questions across the country should be forthcoming from central Government, but if they aren’t, then Chambers will find the right moment to lobby for them. These economic priorities are fundamentally important, and require co-development of solutions between businesses, civic leaders and anchor institutions such as Universities and colleges. This is what Accredited Chambers of Commerce, such as Thames Valley Chamber of Commerce, work to do.
By ensuring the voice of business is heard we can help our business communities to be more competitive locally, regionally and internationally in the future.
To date, (and it is very early days) the response locally to the Government’s Devolution White Paper has prompted new efforts for conversation by Local Authorities across Berkshire, Buckinghamshire, Oxfordshire and Swindon. The first signal by local authorities of their respective appetites to participate in the Devolution Priority Programme has been shared in recent days with central Government. A meeting will be held on 31st January between the leaders of local authorities at which they will deliberate their future approach.
While the extent of the ‘prize’ for the Thames Valley region’s business community has yet to be determined and with political negotiations needing to take place locally, meaning the timescale for any recognisable impact for your average business owner is unclear, there are reasons to be encouraged by the early response and signals of local co-operation.
Irrespective of the pace of change, as one of the largest Chambers of Commerce in the UK, we shall continue to use our scale to ensure the voice of our business community is represented in national matters, as we represent supply chains and businesses large and small from Banbury to Bracknell, Slough to Swindon.
Mayor or no Mayor, the voice of the Thames Valley is stronger when all the players are working together in unison.
Paul Britton, CEO, Thames Valley Chamber of Commerce
