A COVENTRY business chief has called on Chancellor Jeremy Hunt to use his autumn statement to resolve the long-term uncertainty facing business support funding.
The Coventry and Warwickshire Growth Hub chief executive Craig Humphrey said planning needed to start now for the successor to the UK Shared Prosperity Fund which is due to end in March 2025.
Ahead of Jeremy Hunt’s Autumn Statement next Wednesday (November 22), Mr Humphrey has also called for clarity on the future funding for Growth Hubs throughout England.
He said he believes this would give companies the stability needed for them to make their own short, medium, and long-term decisions.
Significant announcements focused on kick-starting growth, tax incentives to stimulate the green economy and providing a strong commitment to investment in battery technologies, electric vehicles (EVs), and EV infrastructure are top of Mr Humphrey’s autumn statement wishlist.
He said: “Successor funding needs to improve on the experience of UKSPF, and have flexibility to cover wider geographical areas, such as being Coventry and Warwickshire-wide.
“The funds need to better finance both account management type business support, as well as a sufficient range of targeted support programmes that will enable business growth, innovation, and deliver the sustainable growth of priority economic sectors and clusters in our local economy.
“Providing high-quality support to businesses should be seen as a strategic intervention in both short and long-term economic recovery and success.
“We must keep pace with our competitors but in a landscape that is crowded, confusing, and often supplier-led, we need to reduce the fragmentation in the system, simplifying it for the business community. Taking a longer-term view on support will give businesses the stability they need.”
