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taking the temperature
Macbeth added: “I’ve talked about this at length with other MDs, FDs and business owners – and while there are positives and negatives on both sides of the debate, I believe that we’re stronger in. So many of our clients are based in fast-growing sectors from technology through to recruitment and the risks are shared.
“My fear is that leaving the EU potentially limits our opportunities to engage with customers in EU countries, has a negative impact on how we access talent, and will also impact inward investment from the kinds of companies currently operating at scale in the UK.”
The immediate impact of an exit vote was of great concern. Macbeth saw a “very challenging period in the short term” if Britain voted ‘out’.
Giles Blagden of Hicks Baker had weighed it up and concluded: “The case for exit is not sufficiently compelling to counter the potential economic uncertainties of leaving.”
From the property sector to the science sector, the view was the same. John Vandore of the Science & Technology Facilities Council was unequivocal – Britain was better off being in an inclusive rather than exclusive arrangement. Fault lines and divisions would not benefit the UK. He added: “Brexit and (Donald) Trump belong in the same sentence ...”
From EU to choo-choo ...
Whichever way the vote goes on June 23, the region is equally concerned about the impact of developments closer to home – such as the forthcoming Crossrail service, which will link the Thames Valley to the City of London. Crossrail will, according to the planners, provide “easier, quicker and more direct travel opportunities across the capital“.
Mark Evans
Evans believes the Thames Valley will see direct gains for local businesses. He explained: “From the considerable analysis of the likely impact of HS2, the evidence is of a fairly clear and positive relationship, among cities and large towns, between journey time to London and productivity.
“By bringing Reading closer to London, its productivity should rise, which is good for jobs, good for business and potentially transformational for Reading’s future. It is likely that all towns on the Crossrail extension will see net economic benefits.”
Head saw “positive effects on the local economy without a doubt“ while Pickering was more circumspect, seeing a “mixture of positives and negatives“.
While fast services operated by Great Western Railway will be unaffected by the introduction of Crossrail, the new service will mean a journey from Reading to Liverpool Street in just on an hour, and to Canary Wharf in one hour seven minutes – crucially without having to use the Underground.
From December 2019, four Crossrail trains an hour will allow passengers to travel right through central London without having to change trains. Two trains an hour will run between Maidenhead and Reading.
So will Crossrail coming to Reading be positive or negative for the local Thames Valley economy?
“Overwhelmingly positive,” said Blagden, “particularly if coupled with western rail access to Heathrow and confirmation of Heathrow’s airport expansion. As the final destination on the Western section it underpins the town’s status as the centre of the Thames Valley.”
Rob Pickering
Macbeth: “It’s got to be a positive; Crossrail will open up the entire region in a new and exciting way. Our economy is well established, from a business activity and infrastructure perspective, with a fantastic new train station and facilities that we should be shouting about. I know there’s a lot of concern about the talent drain and the fact it makes it easier for people to get to London. But I think we need to flip this on its head and create a space where we’re drawing people into the region.
“Crossrail will also strengthen our connectivity and our links to Heathrow alongside the M4 improvement only enhances access for global businesses to international markets. It will place us at the centre of this amazing network.”
businessmag.co.uk
So could Crossrail be a ‘two- edged sword’?
How does the Thames Valley ensure the benefits of Crossrail are maximised – eg encouraging London-based companies to ‘go west’ and transfer back-office operations from London to the M4 corridor?
Paul Macbeth
According to Macbeth: “We’re actually already seeing larger organisations spinning off areas of the business and moving them west. For example, a bank we know has siphoned off its creative team to operate outside of the capital at a more affordable rate and accessing the great talent in other digital hubs. So the key is to ensure we’re attracting the right level of skills over and above back-office – strategic, creative and commercial.”
Persuading companies to come to the Thames Valley also resonated with Head. And Pickering added: “Get this right and we can attract more good employees and more businesses to the
THE BUSINESS MAGAZINE – THAMES VALLEY – JUNE 2016
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