GOING FOR GROWTH
GOING FOR GROWTH : How the business sector in Swindon & Wiltshire can ( and is ) working to achieve success By Fiona Scott
As business moves into the new year , having coped with two years of challenges presented by the pandemic and its repercussions , what does growth mean in the year ahead ?
According to business support organisations , the picture is mixed . The Confederation of British Industry ( CBI ) downgraded its forecast for economic growth in December to 5.1 per cent in 2022 ( from 6.1 per cent ) citing inflation , supply chain issues and rising living costs . However , the prediction still puts the UK ahead of the rest of the G7 economies . Business West ’ s Managing Director , Phil Smith , has called on the Government to sort out our relationship with the EU . He also feels one area of optimism for this region is the promise of the green economy , including the possibility of a large electric car plant coming to Somerset which would have a ripple effect across the region .
UK POWERHOUSE REPORT
One of the most detailed predictions has come from the UK PowerHouse report which looks at the top 50 large towns and cities in the UK , including Swindon .
It has produced data analysis from Q4 in 2021 and used that to predict what Q4 in 2022 could look like . The report suggests that while overall 2021 was about recovery , 2022 is more optimistic , despite ‘ disruptive factors ’ having an influence . It predicts the top performing cities in 2022 will be Southampton and Milton Keynes .
There is also some positive news within its predictions for Swindon . In Q4 2021 , Swindon did not feature in the top
17 ‘ cities ’ for Gross Added Value ( GVA ). However , in Q4 2022 it is predicted to be 15th with growth of around 2.8 per cent .
In terms of employment , in Q4 2021 Swindon was 15th with around 2.9 per cent growth in employment levels . In Q4 this year , it is predicted it will rank 17th with around 1.6 per cent growth .
The disruptive factors anticipated will come as no surprise . The biggest one is staff shortages , much of which comes down to people making different life decisions around their careers , work / life balance and what they want from a job role .
Other disruptive factors include supply chain issues ( the global semi-conductor chip shortage is expected to continue into 2023 ), a worrying economic outlook , Brexit and the rise of innovators leaving other businesses behind to stagnate .
In terms of innovators , it is the South West which has the highest percentage of businesses classed in this way ( 41 per cent or almost 10,000 ).
The key , the report says , is to be innovative by embracing technology , upskilling employees , learning from others and ‘ going green ’.
LOCAL ORGANISATIONS SEIZING NEW OPPORTUNITIES
Swindon Town Football Club
Swindon Town Football Club is one Wiltshire organisation which has experienced major change over the last 12 months with more change on the way .
Danny Lee , Head of Commercial at the Club , said , “ Growth to the Club is to become more sustainable and continue the openness and transparency we have seen over the last few months . We pride ourselves on being innovative and we have secured a variety of new investments and partnerships both locally and globally whilst continuing to develop our existing partnerships .
“ We have seen record revenues for the club this season and we hope that we can continue to build and thrive off the positivity that we have at this present moment .”
Danny explained there are big plans including the proposed purchase of the stadium in central Swindon .
“ There are lots of plans once we purchase the stadium , improving the overall infrastructure and offering services for guests on match days and non-match days .
“ We want to offer a venue for everyone to enjoy , not just football fans . We are consistently looking for new partners to work with and with September ’ s social media viewership of 37 million , it shows the power at the football club to really attract an audience .
“ I would like to place on record my sincere thanks to all our commercial partners this year and we ’ re hoping for a successful second half of the season !”
8 www . tbeswindonandwilts . co . uk