The Impact of the Current Economic and Financial Situation on Businesses in the West Midlands Region

📖 The Scoop

This report welcomes a number of initiatives already taken by Government, but concludes that more needs to be done to help the region's businesses get through the current economic situation. The availability of credit is crucial, as the credit crunch is still a reality in the region, and regional banks should work much more closely with local business groups to ensure that levels of lending and charges help businesses get through the downturn. The Committee is dismayed that West Midlands businesses have yet to see any of the £2.3 billion available through the Automotive Assistance Programme. It also recommends that the Government launch an urgent investigation into whether or not the introduction of a temporary wage subsidy scheme is a better way to save jobs and support people than relying on benefits or tax credits. The report points out that the Government could boost the housing and construction sectors by bringing forward plans to insulate homes or add other climate-friendly features to existing housing stock. There should be investment in research and development to enable the region's traditional manufacturing industries, such as automotive, to meet the challenges and opportunities of a sustainable future. The report emphasises that effective regeneration and investment in the Region's infrastructure will be crucial to broadening the region's economic base and preparing for the upturn.

Genre: Business & Economics / Management (fancy, right?)