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news opinion
The economy grew last year at its strongest pace in more than a decade, according to revised data from the Office for National Statistics (ONS), released as we were going to press
The revision has come about because the ONS has realised that the construction sector grew more robustly than was first thought. Construction is likely to have an even stronger year in 2015, now that we have got the General Election out of the way.
Of course, in the south, it‘s easy to have a skewed view of the construction sector, as it appears you can‘t move for new housing and commercial properties being built right across the Thames Valley and the South Coast.
But recent data has shown that, throughout the UK, confidence among construction firms is at a nine-year high, post-election.
Anecdotally, business people – whether entrepreneurs, professional services or corporates – who we encounter at the numerous events staged by The Business Magazine, are overwhelmingly positive about their prospects over the next year, or even five years.
The ever-present threat of a Greek default, and the continuing uncertainty over the “Brexit“ referendum are the only brakes on the UK‘s economic surge. If the City loses its global influence – and there are clear signs that banks and funds are planning to move their operations out of London if Britain exits Europe – all bets are off about the future state of the economy.
One thing‘s certain. The ‘provinces‘ need a strong London. Weaken the City and you weaken the whole UK.
David Murray Publisher
Praise for ‘southern powerhouse’
Slough – home to the largest trading estate in Europe – is being hailed as a “southern powerhouse” that deserves greater recognition.
Speaking to local business leaders and CBI members at Slough Trading Estate in June, CBI director- general John Cridland said the town not only boasts a world- leading collection of commercial and industrial communities, it also “plays a critical role” in the economy of the Thames Valley.
He said: “The prime minister may be focused quite rightly on developing the northern powerhouse, but I believe a southern powerhouse already exists right here .... I believe this is the story that Slough needs to be telling.”
Thames Valley, which includes the M4 corridor, is a major high-tech hub and home to global companies including: Microsoft, Dell, Oracle, Costain, Motorola and Vodafone, as well as many other small and medium enterprises.
On ensuring the voice of business is heard by politicians
Cridland said that the CBI plans to “ramp up” its engagement with new MPs, particularly in the South East, to ensure the voice of business is heard during debates, votes and legislation.
He warned that while the election result was decisive, the Conservative’s narrow majority could mean uncertainty is likely to permeate this parliament.
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“We anticipate that close parliamentary votes and political trade-offs could be a feature of the years ahead,” he said, in his first post-election speech in the Thames Valley region.
“This will make it even more important to ensure the voice of business is heard during debates, votes and legislation lobbying.”
Cridland added that the CBI will also be calling for ministers to back the findings of the Airports Commission report on the expansion of Heathrow or Gatwick, which is of “critical importance” to many companies on Slough Trading Estate.
Andy Gulliford, SEGRO’s chief operating officer, said he is delighted
the company’s headquarters will play host to an event where its customers and CBI members can discuss business issues with Cridland.
“The Slough Trading Estate is our biggest single asset at SEGRO,” he said. “We are fiercely proud of our 95-year heritage and the role we play in the community and across the region in creating opportunities for employment and business growth, and ultimately for the wider UK economy.
“The trading estate competes internationally to attract inward investment and businesses. One only needs to look at the range of our customers to see how the large multinational companies and small start-ups alike choose to base themselves here.”
On the importance of remaining in a reformed EU
During his speech, Cridland also urged business leaders to speak out early in favour of remaining in a reformed European Union.
He said access to the single market of 500 million customers has been “crucial for the fortunes of thousands of small and medium-sized firms” particularly in Slough.
“We’re not saying the UK couldn’t survive outside the EU, but the question is whether it would thrive. For those advocating exit, they need to offer a credible and prosperous alternative. As far as we’re concerned, this is not on the table.”
Across the UK, the CBI speaks on behalf of 190,000 businesses of all sizes and sectors which together employ nearly seven million people, about one third of the private sector- employed workforce. With offices in the UK as well as representation in Brussels, Washington, Beijing and Delhi, the CBI communicates the British business voice around the world.
Slough Trading Estate, at 486 acres, is the largest privately-owned industrial estate in Europe. Founded in 1920 as a First World War vehicle repair centre, it now provides accommodation to 500 businesses and about 20,000 people.
Details:
www.cbi.org.uk www.segro.com
THE BUSINESS MAGAZINE – THAMES VALLEY – JULY/AUGUST 2015
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