GT chief in call for ‘new direction’ post Brexit

THE UK head of business advisers Grant Thornton has called for a “new direction” for the economy, reflecting the opportunities and challenges the Brexit vote has created.

Chief executive Sacha Romanovitch said an inclusive society based on collaboration and empowerment rather than on hierarchy and elitism, should be the blueprint for a new business ecosystem.

Speaking in Manchester at the organisation’s Vibrant Economy LiveLab event, Romanovitch said the result of the Brexit referendum presents an opportunity to create a “progressive” business environment, where all members of society have a stake and benefit from economic growth.

She said: “The referendum result here and the outcome of the US election tell us that many people feel that the economy is not working for them, and they want change. There is a need for us to create a shared vision of the sort of society we want to be.

“I believe we need to move away from the industrial age, where society was focused on self-interest, hierarchy and a ‘dog-eat-dog’ attitude.”

She said that in a complex world, no one organisation, government, or business can bring about change on its own, so there needs to be better engagement across society enabling there to be a sense of “shared purpose.”

“I think there are three things we could do to set the wheels in motion. The first is to have a clear picture of what a great society would look like, the second is to build on our strengths and share ideas, and the third is to look at actions we can take right now.”

She said the Northern Powerhouse agenda was forging collaboration between cities and business organisations, which was encouraging, but warned that too many companies, charities and public sector organisations are “working in silos”.

“If you look at Manchester and healthcare – the subject of our event – there is some great and important work going on here. New organisations like Health Innovation Manchester have been set up to help the city deliver on the £6bn health devolution opportunity, but neither they, the NHS, nor the local authority can achieve anything on their own.

“We need to bring together what’s good, learn lessons and share best practice as a starting point.”

Grant Thornton says its Vibrant Economy Index has proved that Manchester needs to do more than simply grow its economy.

Despite impressive economic performance over the last two decades mortality rates are behind the national average.

Greater Manchester is the largest functional economic area outside London with a population on 2.7 million people and a GVA of £56bn. However the Greater Manchester LEP area is the third most deprived in England.

Carl Williams, Grant Thornton’s North West managing partner said that the firm’s Vibrant Economy purpose recognises that “people are our greatest asset”, and challenges traditional structures.

“Vibrant Economy is about what people are actually doing to create sustainable growth in the economy alongside having a form of social responsibility.”

More than 200 people attended the LiveLab event at Lancashire County Cricket Club, where the question “How do we all mobilise Greater Manchester to Pioneer World Class Health?” was asked in an open, interactive forum of workshops and discussion.

Partner and head of public sector Sarah Howard said: “Manchester is a great city, we know it, but there are some entrenched problems around health, happiness and well-being.

“Creating a healthier and more productive city region is an ambition that will be important to us all. We know there is no magic wand, nor blank cheque to make this happen. We’ll need creative ideas, technological innovation, hard work, education in homes and schools and of course personal responsibility too.

“The prize is one worth fighting for – a healthier Greater Manchester will help the city region fulfil its potential as a vibrant, international and connected community, which is a magnet for investment and growth.”