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East Midlands Chamber News

Reopening of economy is a key milestone for businesses, says East Midlands Chamber – but Prime Minister must stick to ‘irreversible’ promise

Commenting on the majority of lockdown restrictions being lifted from today (Monday 19 July), East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire) chief executive Scott Knowles said: “Today marks a hugely important milestone for businesses, which can finally look forward to a fully open and functioning economy after many have had their hands tied for the past 16 months.

“Lockdown has been tough on many different sectors, and those in hospitality, tourism, retail and events will now cherish the opportunity to stand on their own two feet with capacities edging towards being full again.

“We also welcome the Government’s plan to allow pavement dining and outdoor alcohol licences to continue for another year in order to help bars and restaurants claw back some of the lost income – although tackling the staff shortage this industry and others are facing will be another significant challenge to overcome as customer demand returns.

“We know this pandemic isn’t over, and companies will be assessing to what extent they retain certain Covid measures – just as they have done throughout the course of the pandemic – as ensuring the health and safety of their employees and customers is paramount.

“But as firms do their bit to keep the virus under control, we sincerely hope the Prime Minister keeps to his word that the end to lockdown restrictions will be ‘irreversible’, and that businesses can fully stand on their own two feet and realise the huge growth ambitions they have.

“In our latest Quarterly Economic Survey for Q2 2021, the State of the Economy Index – a measure of the region’s economic health compiled by aggregating various indicators – reached its highest level since Q3 2018.

“Steady recovery was replaced by big growth expectations, evidenced by a net 62% of East Midlands companies believing their turnover will improve over the coming quarter and a net 41% saying their workforce would grow as a result.

“This huge uplift in confidence has been fuelled by the success of the vaccine rollout and continued reopening of the economy, but any reversal in policy could have a catastrophically negative impact affecting livelihoods and jobs.”