Coventry and Warwickshire businesses call for next Government to ditch short-termism

Businesses across Coventry and Warwickshire have called for the next Government to ditch short-termism – whoever wins the next General Election.

Coventry and Warwickshire Chamber of Commerce held its all branch luncheon at the Welcombe Hotel, in Stratford, which saw business leaders from across the area join together with councillors, local authority leaders and politicians.

Speakers included Coventry and Warwickshire Chamber of Commerce President Steve Harcourt, Chief Executive Corin Crane and immediate past president Tom Mongan, as well as keynote speaker Sir Jeremy Wright MP.

A major topic of the meeting was a new West Midlands manifesto being created which will outline the opportunities and challenges being faced by businesses across the region, with delegates asked to help shape the report which will be presented to politicians and decision-makers ahead of the next general election and the 2024 West Midlands mayoral election

Businesses agreed that a long-term strategy was needed in areas such as infrastructure, manufacturing and AI to achieve economic growth, rather than short-sighted policies which can provide uncertainty.

Sir Jeremy Wright agreed that long-term strategies are important, particularly in relation to long-term prospects, but noted that short term shocks, such as the £400bn spent on Covid, can have consequences on future spending.

He said: “It is important that governments think long term for a variety of reasons. One of the most obvious is that some of the preeminent political subjects are now, by definition, long term.

“AI is a long-term prospect and a fast-changing landscape, therefore the only way a government can make sensible policy on AI is to recognise that it will be a feature of our business and individual landscapes for the foreseeable future.

“One cautionary note would be that things can happen that we can’t plan for. The Covid pandemic’s impact on government has been incredibly significant.

“We experienced a total of £400bn of unexpected government expenditure to keep businesses afloat and to help individuals survive that period. It was money well spent, but it was significant expenditure that was not planned for and has consequences on long-term plans.”

Speaking about the strengths of the region, he added: “The biggest opportunities we have as a region are skills and location.

“We have good links with excellent universities and colleges, and good businesses that are interested in innovation. We also have the ability to translate this innovation into product and service.

“We’re also in the middle of the country, giving people the opportunity to get to different areas without traveling too far, and it’s a nice place to live meaning people want to move here.

“We don’t need to rest on our laurels, but we have a lot to be proud of and a lot to build on.”

Corin Crane added: “I would like to thank everyone in attendance at our all branch luncheon, and to thank Sir Jeremy Wright for taking time to be our key note speaker.

“We covered some incredibly important topics at the event which will help us lobby for what is needed at a business level across Coventry and Warwickshire, and the wider West Midlands.

“Previously we’ve reacted very quickly to the objectives set at national level. Now we want to develop a manifesto in time for the upcoming elections which highlights the real issues that businesses across the area face and what they want for the economy which we can dive forward in 2024.”