thames valley: global leader
THAMES VALLEY
GLOBAL LEADER
The Thames Valley is a powerhouse in the UK economy ...
Seminar urges attendees to …
Nurture talent and proudly promote our thriving ‘Silicon Corridor’
Despite Brexit uncertainty, the future of the Thames Valley – the UK’s ‘Silicon Corridor’ – looks bright as a powerhouse of the national economy. But, what is its future as a recognised global leader?
A packed audience at this breakfast seminar staged by The Business Magazine heard that incoming foreign direct investment (FDI) is holding firm at present according to EY’s latest annual UK Attractiveness Survey – the UK remained the number one FDI destination in Europe in 2018, ahead of Germany and France.
Locally, Reading is the highest ranked South East location for attracting FDI, with projects up 20% (12 projects) and the seventh best performing FDI location in the UK.
Jobs created by FDI in the South East in 2018 were up by 26% from 2,739 to 3,678 – the highest number secured in a decade. Most South East FDI investment (38% of regional total) still came from the US last year, but the region also secured investment from Germany (7%), Canada (6%), Denmark (6%) and Japan (4%).
However, EY’s survey showed that perceptions of the UK as an FDI destination have weakened.
More global investors (15% from 8% last year) say they have paused one or more UK projects due to Brexit, and 6% plan to move assets out of the UK in the future.
“We are still leading the pack in Europe. Brexit has had an impact but investors are not leaving in droves. The Thames Valley has a really good platform,” stated speaker Ros Payne of EY.
“Lots of projects have been put on hold, rather than fled elsewhere. A down-tick in head office and perhaps R&D activity is impacting the Thames Valley a little, but there are also signs of a very high level of M&A – our survey is very positive on that front. The Thames Valley continues to be resilient,” added EY partner Paul Etherington.
Keynote speakers were agreed that the Thames Valley has much to offer internationally – from location and environment to IT excellence and tech
sponsors:
clusters, from quality companies to skilled professional services and a highly-regarded knowledge base.
So, no immediate crisis, but the region must continue to invest in its own future – from implementing key infrastructure improvements and tackling productivity challenges, to working hard to nurture young emerging talent, while maintaining a highly skilled workforce, the seminar at the Royal Berkshire Conference Centre heard.
Ros Payne
Building the much-needed third Heathrow runway and associated Western Rail Link to Heathrow, a third bridge over the Thames at Reading, would be major progressive steps for the region, noted Etherington, but so would more effective use of the region’s human resources.
“With the Thames Valley workforce situation as tight as it is at present, increased productivity has to be the answer. You can’t just keep on employing more people, battling for talent all the time,” he stated.
Factors influencing land-use pressures
Charlie Nicholson of commercial property specialists Vail Williams spoke of the myriad factors influencing current Thames Valley pressures on land use and property types – and, referencing the regional ‘war for talent’, the need to build diverse and vibrant environments to attract and retain talent within the Thames Valley.
Paul Etherington
Evolutionary change was a given within the thriving Thames Valley and the property sector was one clear change-example, Nicholson noted.
Who, some years ago, would have expected Reading’s 3Bs (Biscuits, Beer and Bulbs) to become brownfield site developments as M&GPrudential’s corporate offices, Tesco’s million-sq-ft distribution centre, and a well-
an event by:
16
businessmag.co.uk
THE BUSINESS MAGAZINE – JULY/AUGUST 2019
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60
