Fundamental change needed for Coventry & Warwickshire economy

Coventry

There needs to be a fundamental change in the whole economy in Coventry and Warwickshire to minimise the negative impacts of Covid-19, according to a regional report.

The Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub’s current SmartRegion report is based on data collected from its dealings with businesses as well as surveys and information from Coventry City Council, Warwickshire County Council and the CWLEP.

The CWLEP has developed its Strategic Reset Framework to set out how, by working with other organisations including the Growth Hub, the Coventry and Warwickshire Chamber of Commerce, the FSB and local authorities, it can influence the recovery of the area and shape its long-term economy.

The document encourages every business to see themselves as a new business and highlights the approaches which need to be taken to build on Coventry and Warwickshire’s existing strengths and lead the drive in various sectors including digital, automation, robotics and Artificial Intelligence, and electrification.

Securing energy supply for future capital infrastructure, employment land for new development sites and support for a new advisory service for innovation and commercialisation are among the areas identified by the CWLEP.

There is also an emphasis on embracing new and innovative low-carbon technologies to encourage a green recovery throughout the area.

Craig Humphrey MD Coventry & Warwickshire Growth HubCraig Humphrey, managing director of the CWLEP Growth Hub, said this was a vital time in building the foundations for Coventry and Warwickshire’s future success.

“We want to influence and champion our economic recovery, and shape the type of economy we have for the long-term. To do that, there needs to be a fundamental change,” he said.

“The CWLEP’s business groups and board of directors have been discussing and finalising its Strategic Reset Framework for many months as we all work together to prioritise and deliver the projects which need to be achieved to push our economy forward.

“All this information will be used when we ask for funding from Government or through the West Midlands Combined Authority and the Midlands Engine for capital and revenue projects.

“We need continued Government investment in the business support infrastructure to help companies to adapt to new trading and market conditions, job search and training support to help reskill and upskill workers of all ages, as well as helping to build consumer confidence to help facilitate the economic recovery and keep unemployment levels as low as possible.

“We are already assisting businesses with much-needed help and support which has already been established by the Growth Hub, the Coventry and Warwickshire Chamber of Commerce, the FSB and local authorities, as well as through initiatives such as the CW Employment Solutions website which promotes current and future job opportunities to jobseekers and employers.

“We believe we can create the environment for innovation and enterprise to flourish in the future by strong and focused partnerships working between all parts of our economy.

“There has been resilience, creativity and agility shown in Coventry and Warwickshire since March 2020 compared to other areas of the UK, which will be vital as we build a successful and sustainable future economy.”