business focus


of spin-out businesses it generates is not particularly high, noted Baker. “With greater business collaboration, Oxford has the opportunity to create a MIT (Massachusetts Institute of Technology) effect,” he said.


Action points


In calling for a unified voice on priorities, Baker outlined two actionable steps that organisations could take. One is to tackle the problem identified by businesses that the education system isn’t producing joiners who are as ready as they would like them to be.


“Businesses don’t need to wait for the education system to change. We can take action now to engage more with schools and universities to inspire students by demonstrating the range of careers available, and help them to understand the skills and capabilities they may need,” said Baker.


Another important step is for employers to improve the way they develop the talent, skills and capabilities of their existing workforce, especially to handle the requirements of the Fourth Industrial Revolution. “As an employer ourselves we face this issue. EY partners with the Henley Business School to offer higher-level apprenticeships in the workplace as part of our life-long learning approach,” noted Baker.


Call for a business action group


The Thames Valley could follow the lead of cities with elected mayors that are forming senior-level business advisory groups. “We have started informal discussions with business leaders at roundtable events to test this idea. If businesses set out their priorities, and stand up and be counted, then we can move towards defining and ranking the priorities for the Thames Valley,” said Baker. “We believe an advisory group looking at business priorities could be a logical next step.”


He concluded: “We are confident about the value of joined-up thinking and that the business community cares about the future of the Thames Valley and wants to engage. The uncertainty at the moment is how much do we care and how can we translate this into some form of action. We hope our study provides a useful framework for discussion and setting priorities,” said Baker.


THE BUSINESS MAGAZINE – MAY/JUNE 2018


Building sustained growth and prosperity for the Thames Valley


An integrated and cohesive growth strategy driven by core principles


Develop our own people: A sustainable regional model with strong connectivity between our schools, universities and the business community, to both develop our current - and grow our future - workforce.


Super connected: Fast and convenient intra-region arterial links, complementing London-centric transport connectivity and sustaining digital capacity leadership.


Business community: An IP-rich collaborative ecosystem of corporates, entrepreneurs and academia at the heart of UK innovation, generating sustainable value.


All-age appeal: Complement current strengths with a proposition which is attractive and affordable to young adults (especially those aged 20 to 30).


Diverse yet aligned: A stronger, unified voice and brand that builds on the region’s assets and diversity, requiring strong collaboration between key stakeholders.


A polycentric approach to bring multiple communities together as a robust network and build on the existing specialisms and strengths of our towns and districts.


Three key enablers Productivity


• Address the productivity challenges, especially for small and medium-sized businesses, as well as the broader mid- market.


• Invest in technology, leadership skills and workforce development.


• Solve the region’s congestion issues, which are a significant drag.


Innovation


• Respond to the Fourth Industrial Revolution — the region is well placed with its technology and science strengths.


• Facilitate critical collaboration between academia, corporates and entrepreneurs.


• Encourage entrepreneurialism at all levels (from schools to large corporates).


Competitiveness


• Respond to competition from other UK and European regions.


• Create a compelling proposition to attract and retain talent, investment, entrepreneurs and employers.


• Ensure the regional case is complementary to other UK regions, especially post-Brexit.


Five key dimensions People and skills


• Workforce technical skills are very relevant for the Fourth Industrial Revolution.


• A tight labour market and scarcity of skills could be exacerbated by Brexit.


• L►onger-term sustainability is dependent upon greater collaboration between educators and employers.


Infrastructure


• The region is well served by transport systems with a series of major investments in the pipeline.


• There is a need to sustain digital capacity and fill in mobile/ broadband weak spots.


• Congestion is a big drag on productivity, including in the last five miles from the trunk network.


Enterprise and investment


• The region’s IP-rich, high value-add sector mix is a key growth driver.


• Enhancing the regional investor pool, brand and other conditions is key to nurturing entrepreneurs and related ecosystems.


• Brexit is a potential risk to sustaining the region’s attractiveness for foreign direct investment.


Quality of living


• There are high living standards in many parts of the region.


• This is key to attracting and retaining talent and employers.


• Trade-offs on a regional basis need to be considered to help address cost and congestion challenges.


• Housing is increasingly less affordable.


Governance


• There is a complex regional governance framework.


• The region’s business community lacks a unified voice or strong region-wide network.


• There is an opportunity to define a future-state vision for the Thames Valley economy.


Thames Valley economy – an integrated strategy for growth Join the debate


If you’d like to take part in the debate about business priorities and the future direction of the Thames Valley, contact:


Richard Baker, managing partner at EY in the Thames Valley


rbaker2@uk.ey.com 0118 928 1414


or


David Rutherford, head of growth markets in the Thames Valley drutherford1@uk.ey.com 07824 301441


businessmag.co.uk 55


You can download the EY report The Thames Valley – a Framework for Growth at:


ey.com/uk/eythamesvalley


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