Two key regional organisations have come together to promote the economic opportunity that Government can unlock in the East of England.
Chambers East (Cambridgeshire, Essex, Norfolk and Suffolk Chambers of Commerce working together) has produced the Opportunity East Report in partnership with the East of England Local Government Association (EELGA).
The East of England is one of the fastest growing economies in the country but could do much more to contribute to the new Government’s economic growth goal. This opportunity requires investment to unlock it. The East of England receives less funding per head compared to other regions, working out at over £1,000 per capita less than the UK average annually – an £8bn gap every year. This is despite the region consistently being one of the highest contributors to the exchequer over the last two decades.
At the report launch Nova Fairbank, Chief Executive of Norfolk Chambers of Commerce spoke about the range of challenges holding back the region: from unreliable road journeys and rail links to patchy digital infrastructure, to skills, grid and water issues which are creating huge uncertainty for businesses and the communities they are part of.
Denise Rossiter, Chief Executive of Essex Chambers of Commerce commented ‘The East of England continues to perform strongly, making a significant contribution to the rest of the UK, but without investment to address pressing challenges, there is a clear risk of slower rather than faster economic growth.’
John Dugmore, Chief Executive of Suffolk Chamber of Commerce provided an example of the benefits of investment in the East ‘Analysis shows that rail junction upgrades at Ely and Haughley will deliver a nearly fivefold economic return’
Charlotte Horobin, Chief Executive of Cambridgeshire said ‘The East of England also supports national resilience. Our energy production is set to play a major role in the UK’s transition to a low carbon future. We are a hub of food innovation, production and manufacturing – providing the country with vital food security at a time of increasing climate challenges. Our ports and airports keep the UK’s goods and passengers moving’.
Chambers East and the EELGA will now be working with the East of England All Party Parliamentary Group (EEAPPG) and the new Government to put in place plans and investment for major projects and other improvements across transport, digital, water, climate resilience, grid and skills to set our region, and the country, on a path to higher growth.
