CW Growth Hub CEO outlines his asks to an incoming government for business support to boost the economy

With the launch this week of the manifestos of the major political parties ahead of next month’s General Election, Coventry and Warwickshire Growth Hub Chief Executive Craig Humphrey outlines his asks to an incoming government regarding business support to ensure a growing economy.

The UK’s General Election on July 4 is a major opportunity to re-shape business support to fulfil the growth ambitions of the incoming political party.

Businesses will be looking at each manifesto to see what it means for them because it is the wealth created by UK PLC, businesses large and small, that will lead to future growth and prosperity, and it is crucial that the eco-system put in place is well funded, long-term and evidence based. 

All the parties aiming to form the next government acknowledge that they will need to stimulate growth to deliver against their ambitions of investment in public services – and that is where business support can make a difference in stimulating the economy to meet these objectives.

When we talk to businesses throughout the Growth Hub network, they highlight that they struggle with the turbulence of political and economic instability because it affects their ability to plan long-term and can hamper their growth targets.

I want to see a business support process put in place that fosters stability to encourage a micro economic climate which enables companies to plan for investment and expansion.

All the research indicates that if we have a strong joined-up government with stable business support it has a positive impact that can increase business survival rates.

There isn’t a great deal of fiscal headroom to deliver the majority of the incoming government’s ambitions if the economy isn’t growing.

Currently, the business support landscape is complex as European initiatives have been replaced by the UK Shared Prosperity Fund following our exit from the European Union and it has meant the system has become even more fragmented.

Momentum is vital, which is something we have not had for quite a long time, to replace the fragmented and often confusing business support programmes.

Growth Hubs throughout England are using AI tools and CRM systems to join up their business strategies and that could be sealed further, at pace, to provide a more united business service in the future.

We need to create an economic strategy that can be applied to regional strengths, focus on the delivery of an efficient business support system, and show how SME businesses can lead to the growth of the UK’s economy.

The future of local delivery business support should be more coherent, individual, inclusive and resilient. 

At its peak during the pandemic, the Growth Hub’s national network dealt with 2.1 million businesses in 2021, which highlights our capability to co-ordinate business support that can be utilised effectively.

That is because we have the core mechanisms and delivery ability in place, which could be used even further with a more targeted approach to businesses from a government that needs growth to deliver on their plans.

For a modest investment, the incoming government would have a single, strong, coherent, voice for SMEs across the country as well as the ability to create a more vibrant eco-system which fosters innovation and growth.

One of our key asks of the new government is to strengthen supply chains and reduce economic inequality to help businesses grow and scale.

It is important to retain the Growth Hub’s independence to reflect our SME community’s needs to stimulate growth.

I have spoken to Sir Keir Starmer and Rachel Reeves from the Labour Party who want to maintain debate with the local business network, should they be successful at the polls next month.

We are fortunate to have a resilient economy throughout Coventry and Warwickshire but what businesses will expect from an incoming government is stability and certainty, so that they can navigate any challenges with confidence.