After the recent Budget, local businesses are feeling uncertain and seeking support
Coventry: An economic group is sounding the alarm. They say local businesses are struggling due to government policies. But don’t worry, help is out there.
Craig Humphrey, the CEO of the Coventry and Warwickshire Growth Hub, has noticed more businesses reaching out for assistance. It seems like the aftermath of Brexit and the ongoing war in Ukraine are adding to the stress.
In the past year, the hub has referred over 3,300 businesses to various support programs. These include companies from hospitality, leisure, and manufacturing sectors. About 1,200 of them have received direct help from the hub’s team.
Craig mentioned that the excitement from the upcoming general election in 2024 quickly faded after the recent Budget. This has really shaken business confidence. When things get tough, more companies come knocking for help.
He noted a rise in inquiries for their programs across Coventry and Warwickshire. The business scene has been rocky since Labour took charge, especially with all the challenges from Brexit, the pandemic, and rising energy costs.
According to their stats, the hub has helped create over 2,500 jobs and protected nearly 10,000 more. They’ve also contributed a whopping £53.9 million to the local economy. The government often praises their work as a model for others.
Looking ahead, Craig has big plans. He wants to set up an all-party parliamentary group for Growth Hubs by 2025. They need 20 MPs to back this idea, and he’s already started chatting with local MPs. This could be a great chance to share what’s really happening in the business world.
