The government has recently unveiled its plan for levelling up the country by 2030. The strategy is set to narrow the gap between the opportunities that exist across London and the South East of England and the rest of the UK. With a focus on removing regional inequality through increased employment, salaries, education and health, the plan outlines giving local area and communities more control to enable the shift of wealth and power.

This article will take a look at what this means for you and your business, the opportunities this could create and any potential disadvantages.

What will the plan mean for regions?

With regions being given more power and an increase of public investment, there will opportunities for re-development across communities that haven’t able to advance to the same standards as the South East. Areas include towns and cities as well as rural and coastal locations which might previously have been derelict.

More control means areas being able to spend where they see it’s needed and could result in a higher-skilled workforce through the development of training and apprenticeship schemes.

What does this mean for business?

There are many ways in which businesses will benefit from these opportunities, particularly those in currently disadvantaged communities:

  • Well educated and skilled employees are better equipped to meet business needs and assist with growth.
  • Greater opportunity for growth and expansion nationally as well as locally.
  • A greater work-life balance for employees due to local area investment, meaning a happier and more productive workforce.

There are potentially some areas for businesses to watch out for and be aware of, however:

  • A demand for higher salaries by governments and employees. An increase in skills and high business demand might mean employees will expect significant pay rises or better benefit and perks which may put pressure on payroll systems.
  • With the potential for higher taxes, along with recent inflation, there could be a decrease in disposable income, thereby creating uncertainty within the consumer market.
  • Private sector businesses are often indirectly affected as the government ploughs more investment into public spending.

Depending on the nature of your business, these factors could add to your growth or place you at a disadvantage. Suppliers and those servicing the public sector are likely to benefit from the increased spending on a local and national level.

There will no doubt be challenges ahead for both small and large businesses. But by being aware of the strategy, identifying potential opportunities and complexities and preparing for the next few years, you and your company will be in a good position to adapt and be successful.