We focused last time on the recent Budget and the impact of the potential ‘triple whammy’ of increases in National Insurance & Minimum Wage and the impact of the Employment Rights Bill. Without wishing to spread more doom and gloom, business confidence has definitely taken a hit, and more pressure is being applied to government tax and spending plans.
Economic Growth and Government Strategy
The government says its top priority is economic growth. For many people, this objective is being undermined by the fallout from the Budget.
We shall have to see what happens to growth over the coming months, but the government would argue it is tackling some of the key barriers to growth through:
- Its industrial strategy, due to be finalised in the Spring.
- New investment in skills and infrastructure.
- Reform of planning laws.
- A new push on devolution, which will put some of the levers of growth more firmly in the hands of elected mayors and local communities.
Streamlining Essex for Growth
These developments will not bear fruit instantly, but the Chambers is committed to working alongside partners in business and local government towards the best possible outcome for Essex.
This would entail, we believe, a reform of local government so that within a few years Essex has a simplified structure of a few unitary authorities (maybe 3 or 4) covering the entire county, rather than the current 15 different councils.
Eventually, they would together form an ‘established mayoral authority’ with an executive mayor and be united behind an Essex Plan for Growth.
It will no doubt be a difficult transition process, but we think it is necessary and will offer better services and value for money for residents and businesses alike.
Essex Festival of Business Success
In mid-November, Budget worries were temporarily set aside as the Chambers celebrated its annual Festival of Business at Chelmsford City Racecourse.
There was no racing on the day, but the venue was packed with:
- Over 100 exhibitors.
- In excess of 700 visitors, reflecting the wide variety of businesses and sectors which make the Essex economy so vibrant—even amidst the current challenges.
The guest of honour was the very popular and very entertaining Dame Prue Leith.