Businesses require stability to have the confidence to invest as investment is key to our economy - writes Emma Warren, Chairperson of Somerset Chamber of Commerce Board of Directors.

Somerset businesses need to have a clear, deliverable economic plan for the future.

The King’s speech outlined a vision that the Government believes will boost business confidence to deliver sustainable and inclusive economic growth.

Somerset Chamber welcomes any move which will help Somerset businesses to grow and invest, however, it must not come at additional cost or increased red tape.

Our members repeatedly tell us how their businesses are hampered by the lack of investment in both digital and physical infrastructure, how investment is stifled and growth is curtailed by a lack of skilled workers.

There was much in the speech which showed the voice of business has been heard.

Somerset is already at the forefront of the drive for clean energy with the development of Hinkley Point C but the creation of Great British Energy should help to secure the UK’s position as a world leader in the carbon zero field.

News of a new industrial strategy is also to be welcomed as it should bring with it huge opportunities to drive sustainable growth and put in place a framework to unleash the pent-up ambition of British business to grow the economy. 

If we use it to make green innovation a key driver of that growth and link it to a coherent plan around skills, trade, devolution, and AI, then the possibilities could be endless. 

Billions of pounds of private investment have been held back by businesses which have been watching and waiting for long-term certainty in the economy.

Unlocking the planning system, reviewing the apprenticeship levy and improving trade relations with the EU should all help get the economy moving in the right direction, too.

Somerset Chamber is looking forward to working with Somerset businesses to realise a positive impact for our region.