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The SCR Chambers: East Midlands


Your Chamber The go to place for answers in business


more prominent by each day, as evidenced by the Prime Minister’s recent pledge to


make Britain a world leader in clean wind power and create tens of thousands of jobs in the process. Firstly, it’s the right thing to do. All the science


points to how, if we don’t act fast, the worst effects of climate change could be irreversible, bringing not just environmental degradation but huge social and economic problems in the future. But it also has an impact on the bottom line


for businesses. Just like the automotive industry is now beginning to shift from petrol and diesel to building electric cars because it has identified the direction of travel in the market, engaging with sustainability will make our business community more competitive in the long term. Adopting greener credentials reduces running


costs and helps us win new contracts and business. It also makes the East Midlands more


competitive as a region. It plays into our strengths as we have all the pieces of the sustainability jigsaw – the high energy users in


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manufacturing, the energy producers in our coal field heritage, and new hi-tech businesses coming out of our world-leading universities. The world is looking for solutions to climate


change – innovative products and services developed in South Normanton could have a transformative impact in South Africa – so there is a clear commercial purpose to this. Everyone has a role to play in this green


transition and, while the region’s crown jewels of Rolls-Royce, Toyota and Samworth Brothers are already reducing their carbon footprint, the overall success of this will be driven by SMEs, which make up 99% of all businesses. So it’s time for each of us to change our


thinking on this subject, take responsibility and reap the rewards. The Chamber, via our new Sustainable East Midlands campaign, wants to highlight the opportunities available for businesses, examples of organisations already successfully engaged in the low-carbon agenda and the support available to those that want to learn more about how they can too. So keep an eye out on our website for details


of the grants and loans available, relevant events and other ways of finding support. This is indeed a decade of action and it


needn’t be a frightening one, but an exciting period in the future of our region’s business community.


44 CHAMBERconnect Autumn 2020


An in-depth look at the QES results


The Chamber has been running its Quarterly Economic Survey for several decades now, and yet I’m not sure there’s a rollercoaster on the planet that would do justice to the well-worn analogy when describing how the economy has performed in recent times, writes Chris Hobson (pictured), Director of Policy and External Affairs at East Midlands Chamber.


ollowing historic lows in the second quarter of the year, which covered a period when large swathes of the


economy was essentially cut off at the knees, analysts and commentators have keenly anticipated the results from Q3. So what did the survey – which attracted a record 470 responses, making it the largest of its kind in the region and comparable with many national surveys – tell us? There’s two ways of looking at the results: on


a regional macro level, or on a local micro one. So the macro headlines first. Given


everything that’s taken place over the past eight months, the economy across Derbyshire, Nottinghamshire and Leicestershire is in decent shape. UK market activity recovered from historic lows (a net 55% decline in Q2) to return to positive territory (increasing for a net two per cent) for advanced orders and bookings, with export markets not far behind. In terms of employment, the


compared to the reverse of these figures over the summer. Given everything the country has been through, the continued uncertainty and new ground we find ourselves on, these results should give some heart to people. There’s still a long way to go and, as we discovered in March, things can change quickly, but the economy isn’t as bad as perhaps many feared. However, while this is positive news for


national policy and decision-makers, it’s important we temper the statement with a recognition that people don’t exist on a macro scale. It’s a series of individuals and local experiences that make up life, and the overall numbers hide a whole raft of different experiences. Looking by sector, our


‘The overall


numbers hide a whole raft of different


experiences’


figures showed a net nine per cent of businesses reducing their workforce over the three months to September, but a net six per cent expecting to increase headcount over the coming quarter. Following massive drops in investment intentions over the summer, an encouraging 23% are now revising their plans upwards for both training and capital investment (the same percentage is revising downwards). However, perhaps denting the ability for more to do so, a net 12% have seen cashflow worsen. While sentiment may feel less tangible, it’s


important as it can guide decisions made. For that reason, it’s encouraging to see turnover and profitability rise over the coming year for a net 27% and 19% of companies respectively,


manufacturers – such an important part of the East Midlands economy – have been slower to recover, while some in logistics or IT have experienced a boom driven by the shifting necessity of online


retail and remote working. By geography, Derbyshire


businesses haven’t performed as strongly as their neighbours in the other


two counties, although some of this may be explained by a higher preponderance of manufacturers. More broadly, many of the services in our city and town centres have struggled, whereas those that have been able to shift to online or remote ways of providing their service have fared relatively okay. In short, our 470 responses detail 470


different experiences and this poses tough questions for businesses and politicians alike. These are the challenges we need to address over the coming quarter – against a backdrop of continued uncertainty about how the virus and associated policy will develop in addition to the forthcoming change in our trading relationship with the EU.


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