As Liz Truss promised a “bold plan” to grow the economy in her first speech as our new Prime Minister, business leaders in the North East - the centre of the crucial Levelling Up debate set out what they need to see from her.
WBD
Nigel Emmerson, Partner and head of Womble Bond Dickinson’s Newcastle office said: “There will be much up for discussion in the coming days and weeks as the dust begins to settle on the UK’s leadership under Liz Truss, with pressure mounting for clarity on policy and support for people and businesses across the North East.
Read more: Liz Truss to become new Prime Minister after victory in Tory leadership contest
"We have been promised a bold plan to cut taxes and offer support to aid growth along with dealing with the energy crisis. My questions to Truss are as follows; what can we expect to see in way of support to address the spiralling cost of living and cost of doing business crisis, how can stability be ensured for businesses and what might this all mean for Levelling Up?
“Challenge-wise, soaring energy costs and the rising cost of living remain at the forefront of business concerns for Truss to address. We urgently need a viable package to provide support for businesses, their employees and local communities.
“Alongside the immediate needs, businesses need stability after a turbulent 18 months. Policy needs to create a path forward that will help to combat the threat of slowing growth and create opportunity, support our local economies and keep Levelling Up high on the agenda.
"There has been less clarity from Truss’s camp on where Levelling Up sits on her agenda so mounting pressure should be expected. If the region is to see the success it deserves then transformative projects such as the Sage Hotel and Conference centre on Gateshead Quays, along with numerous others, must get the required funding to proceed.”
Chamber of Commerce
John McCabe, Chief Executive of the North East of England Chamber of Commerce said: “We would like to congratulate Liz Truss on running a successful campaign to become the UK’s new Prime Minister.
“Her appointment must mark the start of real action to deal with the significant economic pressures facing businesses and households in the North East.
“At the start of her campaign, we urged Ms Truss to look at the cost of living and the cost of doing business as two sides of the same coin. The need for investment in skills, transport and public services has not gone away, all of which can be delivered through devolution and more action on Levelling Up.
“But unsustainable energy price rises and bills, combined with staff shortages and inflationary pressures are putting the gains made by North East business at risk as they recover from the pandemic.
“On behalf of our members, we invite Ms Truss and her new team to work with us to maintain business and consumer confidence, and protect the most vulnerable in our communities.”
NE1
Stephen Patterson, Chief Executive of Newcastle city centre business improvement district company NE1 Ltd, said: “The new Prime Minister and her cabinet need to hit the ground running to deliver a radical package of support to tackle the cost-of-living crisis for people and businesses. Swift, bold, and decisive action is needed now, without delay, to avert a crisis that, if not addressed, could leave many hundreds of thousands of people without jobs.
Leaving many families not just with concerns about how the pay the fuel bills, but how they pay any bills.
"Make no mistake, the crisis facing business is every bit as severe as that presented by Covid. Businesses are planning for the winter now and they need reassurance, clarity, and solutions from Government immediately. As such, we call on the Prime Minister and her cabinet to work with BIDs and business on solutions to the collective challenges we face. Our new Government cannot afford to dither and fumble this ball at such an important time.”
NPP
Henri Murison, Chief Executive of the Northern Powerhouse Partnership, said: “Congratulations to Liz Truss, the business and wider leaders from across the North look forward to working together with the new Prime Minister and her cabinet on one of the most urgent economic challenges: closing the persistent north-south divide.
“Unlocking the North’s full economic potential is non-negotiable for any leader looking to more drive up growth and overall UK productivity - a mission Liz Truss says she will prioritise.
“This is the government’s chance to recommit to devolution, with more powers and existing Whitehall funding streams, as well as to the major projects such as Northern Powerhouse Rail which she committed to just a few weeks ago.”
IPPR North
Zoë Billingham, director of thinktank IPPR North said: “Liz Truss and her party were elected to government on a promise to level up the country. This mandate and need hasn’t changed.
"Levelling up – narrowing inequalities between and within places – remains imperative in order to protect people from increasingly difficult economic conditions both now and in the future.”
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