The effect of government policy changes and supporting the needs of the region’s business community were among topics discussed by business leaders and academics at East Midlands Chamber’s State of the Economy Conference on 5th December, in partnership with the University of Leicester.
Held at the University of Leicester School of Business, a series of talks and panel discussions sought to reflect on the performance of the East Midlands economy throughout 2024 and define support needed to enable growth in 2025.
East Midlands Chamber Director of Policy and Insight Richard Blackmore shared analysis from the Chamber’s latest Quarterly Economic Survey and chaired panel discussions. Speaking afterwards he said: “The East Midlands is uniquely placed as a Centre of Trading Excellence with a wealth of growth potential, yet 2024 has seen significant economic events that directly affect considerations businesses must make as they plan ahead. The impact of factors like interest rate changes, regional and national political change and the first Industrial Strategy in years underline the need to identify economic risk but also explore growth opportunities.
“The research we conduct in our Quarterly Economic Survey gives the strongest indication of pressure points experienced first-hand by businesses in the East Midlands, how they react to challenges and secure their future. Bringing business leaders and academics together to share their insight at this conference will be really beneficial in shaping how to best support business as we head into 2025.”
East Midlands Chamber President Stuart Dawkins opened the conference. Afterwards he said: “Conferences like this are important. There’s an intersect between academia and business, yet you get business not quite understanding academia and academia not quite understanding business. Against the current economic pressures and issues, I think there’s more feeling of togetherness now.
“What was really interesting was the backdrop; the conference has come at the end of a period of instability locally, nationally and in the world with a lot of headwinds, particularly for businesses. The overall sense was that there’s opportunity in the East Midlands. We are underfunded as a region, but we’re extremely positive, and in our use of government funding we have better return on investment than any other region. What we’ve not been as good at is in pulling together.”
University of Leicester Dean of Research and Enterprise, Leicester School of Business Mat Hughes participated in a panel discussion on what businesses want in the next 12 months. Afterwards he said: “The government needs to give a positive environment and set signals to businesses that will encourage them to feel confident to invest and react. Investment is not something that necessarily pays off immediately, but if we’re going to grow and change productivity, then businesses need to invest in human capital, they need to invest in digitalisation, technology and machines, in new opportunities or R&D.
“Conferences like this are critical from many different points of views. You get lots of voices and stakeholders in the same room so they can understand and learn each other’s perspectives. You get to get your finger on the pulse to see what the key priorities are, that we can then form strategies around to communicate with government, with associations and drive investment.”
Bank of England Deputy Agent for the East Midlands Jamie Jordan gave a talk on the Bank of England’s views on the economy. Afterwards he said: “The insight you get from people on the ground collaborating together at a conference like this is of greater value than just being able to read the data statistically, and for us, it’s being able to answer why trends are emerging or changing and what the key issues are that we need to be thinking about to get to grips with the challenges and opportunities today.
“We’re pleased with how the disinflationary process is going. A gradual approach towards monetary policy restraint is, we think, the most appropriate to ensure that we eradicate remaining inflationary pressure that exists in the economy, and that will help us get back to the 2% target. We’re feeling more positive about where we are today, but there are clearly events and developments that we’ll need to take account of over time.”
East Midlands Councils Executive Director Stuart Young gave a presentation on the role of EM Councils and the objectives of the All-Party Parliamentary Group (APPG). Speaking afterwards he said:
“Business is the key. Council leaders and MP’s have a direct route into government, but they need to hear from the business community. Growth can be driven out of our proposals and the alliance between businesses, MP’s and council leaders is absolute. For our region, transport infrastructure investment is an enabler. It delivers growth, in terms of construction, but enables growth and longevity of growth. For our region that’s important. You shouldn’t work in isolation; you need conferences like this where you get a chance to mix it up and have a candid discussion.”
Turner and Townsend Director and Chair of the East Midlands Chamber Derbyshire Members Forum Mark Deakin took part in a panel discussion on economic performance and prospects. Speaking afterwards he said: “Stability is a big issue because we’ve had such turmoil through changes, U-turns and an inability, prior to the election in making decisions. There’s not really been stability now for maybe two years, and that means everyone has had to guess where their plans are and how they will structure their business going forward.
“What we’ve now got has a bottom-line impact but at least people can plan and the stoic behaviour of UK businesses should get us through that. That’s the kind of positive of the negative position. Nothing works in isolation. Getting people talking at this conference, working together and public sector intervention will drive people talking to try and work through it.”
Murphy and Son Managing Director Charles Nicholds took part in a panel discussion on what businesses want. Afterwards he said: “Stability is what’s needed for growth. We need to make sure that decisions are being made with small sized businesses in mind, and I don’t always think they are. Some stability and clarity around what rules and regulations are would help, as we can work with most things, providing they listen to us.”
Loates Business Solutions Director Sarah Loates was on a panel discussing the wants of businesses. She said: “It’s really interesting to have a mix of businesses and academia because they come at it from two perspectives. The key for me is collaboration. It’s all about ideas and about relationships. The conversations that happen between the talks is invaluable.”
Speakers at the 2024 State of the Economy Conference:
- Stuart Dawkins – President, East Midlands Chamber
- Professor Daniel Ladley – Pro Vice-Chancellor, Head of College and Executive Dean of the University of Leicester School of Business
- Jamie Jordan – Deputy Agent, Monetary Analysis, Agency for the East Midlands, Bank of England
- Richard Blackmore – Director of Policy and Insight, East Midlands Chamber
- Stuart Young – Executive Director, EM Councils
Panelists at the 2024 State of the Economy Conference:
- Professor Stephen Hall – Professor of Economics, University of Leicester School of Business
- Mark Deakin – Director, Cost Management, Turner and Townsend, Chair of Derbyshire Members Forum, East Midlands Chamber
- Sandra Wiggins – Managing Director, Sandra Wiggins Consulting
- Charles Nicholds – Managing Director, Murphy and Sons
- Professor Mat Hughes – Dean of Research and Enterprise, University of Leicester School of Business
- Sarah Loates – Director, Loates Business Solutions
- Stuart Dawkins – President, East Midlands Chamber
- Richard Blackmore – Director of Policy and Insight, East Midlands Chamber
