Bristol’s economy could benefit from aspects of the government’s long-awaited Industrial Strategy, announced this week, three key figures in the city’s business community have said.
But there was also disappointment at the lack of detail in some of initiatives and a need for more engagement with the business community along with concerns that the West of England could, yet again, miss out when it comes to funding allocations. 
James Durie, chief executive of Bristol Chamber of Commerce & Initiative – part of Business West – said: “Following the Chancellor’s Budget last week, it should come as no surprise that Government support for hi-tech growth and the exploitation of digital technologies is at the heart of its industrial strategy whitepaper.
“Beyond these so-called ‘grand challenges’, government is right to identify the ‘five foundations of productivity’ as ideas, people, infrastructure, the business environment and place.
“Out of all of these, it is a renewed focus on place that resonates most strongly with our objective of making this region the best place to live, work and do business.”
He said the chamber strongly supported the government recognising the need for a national industrial and therefore business and enterprise growth plan – and the strong acknowledgment that this needed to be a long-term plan that therefore works across multiple election cycles.
“Despite all this however, on the basis of the ‘key policies’ put forward by government to signal this renewed focus on place, one cannot help but be a little disappointed,” he said.
“While the pledge to develop ‘local industrial strategies’ sounds promising, it is unclear how they will work in practice and if they will turn out to be a help or hindrance to the work of the councils, local enterprise partnerships (LEPs) and the combined authority in this area.
“Additionally, while the creation of a new Transforming Cities Fund sounds great in principle, judging by the tone the Chancellor adopted in his Budget statement last week, I have misgivings as to whether Bristol, Bath & the West of England will actually receive the amount of funding it justifiably deserves and needs if it is to deliver anyway towards its growth potential.
“Finally, a £42m budget to help pilot the Teacher Development Premium in schools seems highly ambitious given the skills gaps this region faces.
“Early days, of course, but much more detail and much more input from the business community is desperately needed and something we will be helping make happen.”
The West of England Combined Authority (WECA) and West of England Local Enterprise Partnership (LEP) welcomed the emphasis on devolution and the role of regional mayors in delivering economic growth.
West of England Mayor Tim Bowles, who leads WECA, said: “Our region is perfectly positioned to develop and deliver a regional industrial strategy; we’re already engaging with business and other stakeholders to develop a strategy that delivers inclusive growth for all.
“The Industrial Strategy clearly recognises the importance of places and prosperous communities. In the West of England we know our businesses, key sectors, the skills that are needed, and the challenges we face in terms of infrastructure. We are the right place to make the decisions.”
He said WECA was already thinking about how to address the ‘grand challenges’ identified in the Industrial Strategy.
“We are developing an energy strategy, which will maximise the advantages of a shift towards clean growth, and a digital strategy, which will ensure that our region remains at the forefront of the artificial intelligence and data revolution,” he said.
LEP chair Prof Steve West described the Industrial Strategy as a great opportunity to secure the region’s continuing and ambitious economic success.
“Businesses and universities are at the heart of developing our regional industrial strategy – we need to continue to lead in innovation and remain a region where businesses want to start up and grow,” he said.
“The Industrial Strategy includes increased support for the construction, artificial intelligence (AI), and automotive sectors and acknowledges that a creative sector deal is in advanced discussion.
“These are all sectors that are vibrant in the West of England and important to our economy. I was also pleased to see confirmation of continued commitment to funding for Growth Hubs, which play a vital role in supporting businesses.”
