Are we in danger of talking down our economy? Paul Clarke, a partner in commercial litigation at leading Sheffield solicitors, Taylor&Emmet LLP, thinks so. He believes by communicating and innovating, local businesses can create a brighter long term outlook for the entire city region.

IT’S GOOD TO TALK

All political careers end in failure, and few failures have been quite as spectacular as Gordon Brown’s.

The effects of the financial meltdown are still with us and most predictions about the recovery are at the gloomy end of cautious. All the government’s messages are about cuts, and few are now predicting a serious return to growth within the next two years.

But there is a disparity between what is actually happening and the way people feel. Certainly, Taylor&Emmet has found that activity levels for corporate and property transactions have improved in the last few months and are now higher than they have been for some time. Yet the constant theme among professionals is the decline of transactional activity.

Confidence must be restored and I hope we see a genuine plan for growth emerging in the next few months. Business has to feel that momentum is building and we have direction. 

We have already seen decisive action in Sheffield, as Labour has been restored to power with a strong mandate. That must be reflected in strong and decisive action to restore business confidence locally and I hope the council will focus resolutely on the creation of private sector jobs. 

At times like these, party politics become more divisive, but we cannot afford division. We must strengthen our links with central government and the council must help deliver a programme of investment, with improvements in education, transport and innovation at the top of my wish-list. Ultimately though, we have to find ways to do more with less.

For our business community, being “all in this together” is more than a sound bite. We need to communicate more effectively and help each other develop confidence within the internal market. Voices that were very loud four years ago have fallen silent. We hear less discussion and fewer ideas than in pre-recession days. 

If I’m asked whether I’m a glass half-full or half-empty kind of person, I always wonder why no one has given me a glass. But we have to shrug off the enveloping sense of gloom and start talking again. To understand our economy, we must break it down into its constituent parts then put it back together so it works more smoothly.

The Sheffield City Region LEP faced its first challenge with the decision on our first enterprise zone. Self-interest doesn’t just mean acting for short-term gain, and I hope that by supporting a wider selection of sites than the original brief suggested, the decision will be right for the long-term health of the entire region. 

We have a difficult few months ahead, but I urge all of the region’s business leaders to start talking and innovating again. If the reality is better than the message, let’s put the message right. Above all, let’s take this chance to develop a joint sense of identity and a united approach to our economy.