A leading business figure has urged the Chancellor to resolve the long-term uncertainty facing business support funding in his Autumn Statement.
Craig Humphrey, Chief Executive at Coventry and Warwickshire Growth Hub, believes planning needs to start now for the successor to the UK Shared Prosperity Fund which is due to end in March 2025.
This, and other recommendations for the Autumn Statement, are the focus of this month’s SmartRegion report, which contains findings from research and engagements contributed to by the Coventry and Warwickshire Growth Hub, Coventry City Council, Warwickshire County Council, and other local and national business support organisations.
Ahead of Jeremy Hunt’s Autumn Statement next Wednesday (November 22), he has also called for clarity on the future funding for Growth Hubs throughout England to give companies the stability they crave to make their own short, medium, and long-term decisions.
Craig believes the Autumn Statement needs to make significant announcements focused on kick-starting growth in a currently stagnating economy, tax incentives to stimulate the green economy and providing a strong commitment to investment in battery technologies, electric vehicles (EVs), and EV infrastructure.
He said: “Successor funding needs to improve on the experience of UKSPF, and have flexibility to cover wider geographical areas, such as being Coventry and Warwickshire-wide.
“The funds need to better finance both account management type business support, as well as a sufficient range of targeted support programmes that will enable business growth, innovation, and deliver the sustainable growth of priority economic sectors and clusters in our local economy.
“Providing high quality support to businesses should be seen as a strategic intervention in both short and long-term economic recovery and success.
“It is essential we keep pace with our competitors but in a landscape that is crowded, confusing, and often supplier led, we need to reduce the fragmentation in the system, simplifying it for the business community. Taking a longer-term view on support will give businesses the stability they need.”
Over the last nine years, CW Growth Hub support has led to the creation of around 10,500 jobs, added £400 million in gross value to the local economy, and leveraged about £300 million in private sector investment for businesses in Coventry and Warwickshire.
Craig is confident the strong partnerships developed in Coventry and Warwickshire will underpin the drive to create a strong economy in the area.