It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Chris Hobson, director of policy and external affairs at East Midlands Chamber.
The watchword for 2022 is uncertainty as businesses grapple with a growing list of issues – ranging from capacity constraints and skills shortages to price rises and tightening cashflow – which are now putting a drag on what was previously looking like a strong economic recovery.
Our latest Quarterly Economic Survey for Q4 2021 showed every single economic indicator had dipped compared to the previous quarter, so the warning lights are flashing.
At the same time, there are positive signs for our region. The freeport at East Midlands Airport will be a magnet for international inward investment as we seek to establish ourselves at the centre of the UK’s post-Brexit global trading relationship, hopefully backed by new trade deals in the next 12 months.
While we were deeply disappointed with the Government’s recent decision to descope the HS2 Eastern Leg, which we are concerned will place us at a structural disadvantage to the West of our country, there are opportunities in the Integrated Rail Plan that our region must maximise by working together.
We should learn more about the East Midlands Development Corporation’s vision for key strategic sites, most notably the future of the Ratcliffe-on-Soar Power Station, which could thrust the region to the heart of the energy innovation that will guide the UK to a net zero future.
The ESG (environmental, social and governance) agenda is rising in prominence for businesses and they should be ready to demonstrate how they’re embracing sustainability.
This is one policy area where there is a clear direction but we will need our decision-makers to bring more certainty across the entire policy landscape over the next 12 months – giving businesses the confidence they need to invest and rebuild our economy.
