Post-pandemic Economic Recovery

The Covid-19 pandemic and the associated actions implemented to reduce the spread of the virus will create significant changes within the industrial and business landscape of the UK.  Continued support and development of the knowledge economy will be essential for job creation and the prosperity of the UK.

This paper is based on a submission of evidence to the House of Commons Select Committee on Business, Energy and Industrial Strategy in support of their inquiry into post-pandemic economic growth.  It also draws on views provided to the BEIS Economic Recovery team – The Department for Business, Energy and Industrial Strategy is bringing together businesses, business representative groups and academic experts to consider the measures needed to support the UK’s economic recovery from Covid-19, focused on the future of industry; a green recovery; backing new businesses; increasing opportunity; and how to win and retain more high value internationally mobile investment for the UK.

The views expressed in this paper are based on discussion with members of Advanced Oxford, with other innovation-based companies within our network and from two workshops held in July, 2020.

Infrastructure, Collaboration, Risk Capital, Support for SMEs

We do not advocate prioritised support for any particular sector but present a set of ideas and challenges which relate to knowledge economy/innovation-based businesses.

We particularly flag the need for a focus on infrastructure investment, the importance of collaboration and risk capital, the need for support for SMEs and the opportunities that a reformed planning system can offer.

Investment into Skills

Provision of skills to support economic recovery is crucial and we discuss a number of opportunities and areas for skills development.

Opportunities : the Ox-Camb Arc and a Green Recovery

In considering how policies that support economic recovery should also progress broader Government priorities, we address the levelling up agenda, inward investment in the context of levelling up, the Oxford-Cambridge Arc, Net Zero, as well as considering the importance of greening the NHS.

Open our paper on post-pandemic economic growth here

[image by AbsolutVision via Unsplash]

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