taking the temperature continued ... BREXIT MEANS BUILDING AFRESH


Barnes, Dray, Jones and Thomson all focused on the need to commit, finance and improve UK infrastructure, particularly major projects such as Heathrow’s proposed expansion.


With the Thames Valley Berkshire LEP’s latest £174m Growth Deal proposal submitted to government for funding, Barnes called for recognition: “Now is the time to invest in a real economic powerhouse.”


He urged rapid government action to implement a new Heathrow runway and Western Rail Link to Heathrow, with their acknowledged economic benefits and national strategic infrastructure significance. The CBI has evaluated that failure to have a new runway by 2030 could cost the UK £5.3b a year in lost trade to BRIC economies alone, he noted.


Heathrow is not only the UK’s global gateway. It is the country’s biggest port, handling over a quarter of all exports by value – literally, the UK’s bridge to the world of business.


“A swift decision to a third runway investment at Heathrow would strengthen the UK’s negotiating position on global trade deals,” Barnes added.


Jones stated: “Heathrow or Gatwick, a decision must be made very soon. The issue has been going on for years and it’s very damaging to business, our country’s reputation, and continual delay impacts on investment decisions.”


He suggested: “Rather than pouring more money into the banking system, the Government should invest in major infrastructure projects that are vital to the economy and future growth – it would be a more direct way of pumping money back into the economy.”


Dray agreed: “Brexit means the UK needs to be an easier place to do business. Therefore, investing in infrastructure to make transport links easier into and throughout the UK is even more important. The argument to invest in projects such as Heathrow and HS2 is now more powerful, without even factoring the positive impact they should have on the UK itself.”


The recent government green-light for Hinckley Point will have pleased Thomson who supported that important project.


Dray also proposed: “The Government should make the UK a great place to do business and to invest in. Encourage more entrepreneurs to invest in their businesses and take risks now. In addition, take what is good about the EU – the common market; the common labour force (which is different to the free movement of people); and key European legislation that makes a fundamental difference to consumers, the environment and individuals – get rid of the rest.


“Make it simple to invest, raise money, take risks and make money.”


BREXIT FREEDOMS MEAN OPPORTUNITIES


“Yes there are opportunities but it is impossible to know where the best opportunities lie at this moment in time,” remarked Dray.


Brexit had thrown-up a series of fresh future issues and potential variables, alongside existing and ‘normal’ business challenges.


Dray and Thomson agreed that proven professional services and well-informed advice will be in demand pre- and post-Brexit as clients look for guidance, support and opinion on strategy and investment decisions.


“Clear, concise advice is more valuable than it has ever been,” stated Dray.


Altered and developing debt markets would increase demand for debt advisory products, exampled Thomson.


Jones said: “Challenging or uncertain times for business can often lead to great innovation and reinvention. If costs have to be cut, creative thinking and the development of alternative methods and solutions follow, and that can also lead to greater productivity.”


“I believe the strongest risk is that sentiment rather than fundamentals will result in perpetuating the position that Brexit is bad for all, and particularly the UK. The leaders must look at Brexit as an opportunity for all, in and outside Europe,” added Dray.


BREXIT POLITICAL DELAY MEANS UNCERTAINTY


Thomson feared that protracted negotiations on Brexit and UK’s new trade deals would breed uncertainty and reduce general deal activity.


A long period of uncertainty would hamper UK business, and impact decision-making for foreign inward investment, said Jones.


“As a service provider, we are inevitably affected by Brexit uncertainty among our clients and their consequent willingness to invest in catering services, refurbishments, etc.”


Jones also noted the risk of “increasingly partisan politics and their divisive impact on the country.”


Dray went further: “The lack of true leadership within the Brexit process is the greatest risk. Rightly or wrongly, a small majority of the UK electorate has made its decision and that needs to be actioned by politicians in the UK and across Europe.


“My real concern is whether there is the depth and quality of leadership in the political institutions or will the petty bickering win over.”


Whatever the future ... the expectation is that Thames Valley businesses will make Brexit mean business 14 businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – OCTOBER 2016


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