East Midlands Devolution: 6 things we already know
With devolution deals on the cards for both the North Midlands and Leicester and Leicestershire, TheBusinessDesk.com asked regional business figures what they already know and what they want from the de-centralisation of funds and decision-making to the East Midlands.
The legals have to be right
The thorny issue of the EU has to be taken into consideration, according to Ed Vernon OBE, chairman at East Midlands recruitment consultancy, Macildowie (pictured). He says: “Before considering how best to spend the potential £50m worth of funding, it is important for decision makers to understand and consider the restrictions of European State Aid legislation. There is no point in devising a funding strategy that cannot be implemented legally, if these proposed plans come to fruition.”
It hasn’t been easy
This has the potential to make the North Midlands more attractive to inward investors and, whilst the benefits are clear, choices will still need to be made about investment priorities and their sequencing, says Stephanie Hyde, PwC Executive Board member and head of regions.
She adds: “Our work on similar deals has revealed the importance of a transparent approach to project appraisal and prioritisation – this will be key to unlocking delivery and achieving the programme balance that will ensure that the benefits accrue across the deal area over time.
“These are exciting times – the process of reaching agreement may not have been easy – but it is, in our view, the right thing to do.”
It’s not just thinking that needs to be joined up
According to Paul Pinder, director of BoardsDirect.co.uk, from a business point of view, control over funding should support the existing strengths of the region; manufacturing heritage, geographical links and a flexible workforce.
He adds: “The strategic relevance of East Midlands Airport, with its importance as a freight hub should be capitalised on, and so infrastructure projects to strengthen this, a tram link for example, need to be funded.”
Skilling-up is essential
Post-devolution, the focus should definitely be placed on recruitment, says Chloȅ Webber of Company Check. “With control of its own budget, investment in apprenticeships, skills training and careers programmes for young people could be increased,” she thinks. “Firms could be further incentivised to take on new starters, whether that’s school leavers, graduates or older career switchers. It could also take the good work done so far by Nottingham’s Creative Quarter even further, to make the region a place where real talent wants to move to and settle.”
We need to gear up for growth
Industrial land supply too remains one of the major constraints on delivering new and efficient commercial space into the region, according to Matthew Smith, lead director for the Nottingham office of JLL. He says: “A protracted and politically weighted planning system has failed to facilitate demand, with what feels like a lack of real synergy between our city and outlying councils. The North Midlands devolution agenda, we hope, will help to bring alignment.
“We need to gear ourselves up for growth otherwise we will miss out to other regional cities who are already ahead of the curve.”
We’re in this together
As a contractor that operates across a wide geographical area, Nikki Foreman, head of business development at J Tomlinson is interested to know how the North Midlands devolution deal will work with the West Midlands and Leicestershire in the future, as the Midlands Engine. She says: “We need to work together to attract as much investment into the whole of the area for the benefit of everyone living and working here, so that we can compete effectively with the Northern Powerhouse and London.”
