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Writer's pictureEastern Powerhouse

EPH Letter to SoS for Business and Trade Jonathan Reynolds MP

On 11th July, our Executive Director Steven Lynch MBE wrote to the Secretary of State for Business and Trade Jonathan Reynolds MP, making the case for a regional industrial strategy for the East of England, as well as for Government to support the concept of an East of England Trade and Investment Platform.


You can read the full letter below:



Dear Secretary of State,


RE: Business and Trade in the East of England


 

Many congratulations on your recent election victory in Stalybridge and Hyde and your appointment as Secretary of State for Business and Trade, and President of the Board of Trade. We would like to welcome you to the region on behalf of the Eastern Powerhouse, a business-led membership body, that represents the East of England. Our aim is to maximise the region's assets and unlock economic growth for local and national benefit.

 

We are excited about your core mission to grow the economy, inject confidence back into the UK market, promote global trade as well as support small businesses. The previous Government overlooked the East in favour of other regions. We hope that your government, and the Department for Business and Trade, will give the East of England the attention needed to help it grow and further contribute to the UK’s economy. We have long maintained that investment in the East will gain significant returns, not readily achievable elsewhere. The East is among the most productive areas of the UK, one of only three regions and nations that make a net contribution to the national economy.  


We therefore look forward to an industrial strategy for the East that will identify and maximise the potential of many vital sectors, for inbound investment and global export opportunities. As you have outlined in your manifesto, regions are best placed to identify their own sectors of strength, but central government needs to take an active role in supporting and endorsing local differentiation. Therefore, we believe an effective regional platform is required to expand the East of England’s global footprint, activating inward investment opportunities and exporting incredible local products and services around the world. 


We would like the new government to back a concept that aligns with your ambitions:  an East of England Trade and Investment Platform, working with local government and business to promote the East to the rest of the world. An East of England Trade and Investment Platform could stimulate trade and promote investment opportunities. This could work ‘hand in glove’ with the Department of Business and Trade (DBT) to provide expert advice on export finance and regulation. An investment portfolio that advertises specific - investment-ready -projects, will make sure opportunities are front and centre for international investors.


The East needs to promote the most exciting capital investment opportunities for investors and highlight potential major infrastructure projects that are needed. We believe global trade missions promoting the East in key markets around the world is crucial, this includes formulating an Export Council for the East. This would bring together key stakeholders, including elected Mayors, with the government and UK Export Finance to devise a regional export strategy.


We would welcome an opportunity to meet with you and your team to explain our work to date, and the ideas that we have developed to improve the energy sector in the region. We look forward to hearing from you.



Yours sincerely,



Steven Lynch MBE Executive Director Eastern Powerhouse

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