The latest figures showed that the economy grew by 0.1 per cent in the final quarter of 2024.
Commentators were very quick to point out that this was nothing to write home about, that it was further proof that UK economy continues to flatline and that more needs to be done to get us growing.
To be fair, it’s difficult to argue with that assessment!
However, picture a scenario where the economy shrinks by 0.1 per cent for two quarters running and, technically, the UK has entered recession. I have absolutely no doubt that this would not be dismissed so readily and that the mere word recession would be discussed across the airwaves for weeks.
So, while it isn’t much, we should take it as the small win that it is and look to build confidence throughout the next 12 months.
The latest Quarterly Economic Survey showed that the economic outlook in this area is higher than the majority of the UK and that confidence is slightly higher too. Like everywhere else, it has taken a dip but there is still a feeling among businesses that Coventry and Warwickshire is a good place to grow.
We cannot, therefore, bury our heads in the sand and believe that the sands will turn by themselves and it’s vitally important that organisations such as the Chamber speak up on issues affecting companies in our region.
I am pleased, therefore, that the Chamber will be launching a manifesto later this year that will provide a real focus on the big issues that businesses across our patch say are holding them back.
And, also, it will be forward-looking too and will not only look at the barriers to growth but provide some of the possible solutions to overcoming them.
Having this clear direction should give companies across the region the confidence that we are speaking together with one voice and that we understand the real issues that are causing them issues on a day-to-day basis.
Of course, we need decision-makers at a local, regional and national level to provide the right conditions for growth but we, as businesses, must look for every opportunity to grow and make use of the Chamber to support us in our objectives.
Finally, I would like to say good luck to all of those who have been shortlisted for the Chamber’s inaugural Business & Community Awards and I’d urge everyone – whether you are in the running or not – to book their place at what promises to be a fantastic event.