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SEMLEP


As we turn our attention to life beyond lockdown, the immediate challenge is to understand the scale of the economic impact. How we respond to this over the next three months is critical. T e Offi ce of Budgetary Responsibility (OBR) economy estimates,


applied to the South East Midlands local areas, show that the economic impact here could be greater than the national average. Possible ex- planations include: - T e large economic contribution retail, leisure and hospitality make to our local areas. - T e dominant aviation, automotive, manufacturing, logistics and supply chain sectors and the constraints placed on these sectors spe- cifi cally during lockdown. - T e fact that the opportunity to work from home is limited in these certain sectors, particularly logistics and manufacturing.


So, how do we come together to reduce the severity of the economic impact on our communities and businesses at greatest risk? SEMLEP is developing the economic recovery plan for the South East


Midlands, ensuring attention is placed on rebooting the economy as quickly and safely as possible as lockdown eases. How are we doing this? We are working with local councils and other public agencies,


businesses, representative organisations, colleges and universities to assess how we can help businesses and local areas to restructure and adapt. T is involves understanding economic data and thinking through diff erent scenarios to plan for outcomes in this quickly chang- ing environment. Being agile and nimble in how we respond over the short, medium and longer term will be key, for all of us. T e fi rst three pillars of this work include:


1 Connecting people and businesses to leadership and innovation, fi nancial, skills and employment support available. T e Growth Hub, SEMLEP’s business support service, is helping business owners to navigate the current environment, identify priorities and put plans in place. Working in partnership, the team is developing a suite of busi- ness support packages that will be needed in the medium to long term. 2 Understanding the impact on businesses, the workforce and em- ployment. We are gathering and assessing data to support decision making to help prioritise local interventions with government. 3 Considering current and future funding opportunities, both capital and revenue.


Our path to economic recovery will be short, medium and long term. And we know, that out of every crisis, there is opportunity.


about placing people


Beyond lockdown: rebuilding our economy together


How do we turbo-charge positive changes to the way we work, live and do business post COVID-19?


Peter Horrocks CBE Chair of the South East Midlands Local Enterprise Partnership


How resilient are we? We had a strong, growing economy before COVID-19 struck. Whilst we absolutely recognise that parts of our economy are badly hit, the way that some busi- nesses have adapted quickly to respond to this chal- lenge is a measure of how innovative we are. As we rebuild, we do so by drawing from our entrepreneur- ial, innovative business culture and our world-class RandD and testing facilities. Our area boasts a wide breadth of unique capabilities and skills, and we can commercialise ideas quickly. Right now, we will bring this plan together to


support the businesses and places most aff ected and ensure we are best placed to create and grasp opportunities as they arise. Together, we will rebuild a revitalised and resil-


ient economy. SEMLEP is hosting a Beyond Lockdown discus-


sion series to hear views of businesses about eco- nomic recovery. T e next event will be 18th June and will focus on how we can best respond to individual place and sector needs. –


If you’re interested in knowing more visit www.semlep.com/economic- recovery-strategy.


What has changed in your business? You can speak to SEMLEP’s Growth Hub business support team about ways to adapt and reprioritise by calling 0300 01234 35 or emailing growthhub@semlep.com.


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ALL THINGS BUSINESS


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