7 minute read
Economy
Critical questions remain on plan for reopening
The British Chambers of Commerce (BCC) is urging the government to give businesses much greater clarity on its roadmap out of lockdown as firms continue to suffer.
The business organisation, which represents tens of thousands of companies across the UK, has written to the government seeking updates on a number of vital issues.
In particular, it says firms need to know how the government is assessing its four tests to determine if the roadmap will be followed. This includes providing regular updates on progress against the tests so that businesses can plan ahead. The BCC said firms also need more detail on the practicalities of reopening and the government’s various reviews so they can make concrete plans on how they will operate – for example, what social distancing rules will be in place at each stage of the roadmap and beyond. Companies are also looking to the government for clarity on potential legal issues surrounding vaccinations. Finally, businesses which operate across the UK need the government and devolved administrations to work together on synchronising their differing routes out of lockdown.
The BCC’s comments follow a survey which revealed that many firms were struggling due to the continued COVID restrictions. More than a quarter (26%) of firms surveyed by the BCC described their current level of debt as either “unmanageable” or “high and manageable”. This rose to 32% for consumer-facing firms such as those in the hospitality and retail sectors. The survey also showed that 32% of respondents saw write-offs relating to COVID-19 lockdowns or restrictions in the last twelve months. Commenting on the lack of roadmap clarity, Baroness Ruby McGregor-Smith, president of the BCC, said: “The route back to a full reopening of the economy is still a long way off, with continued uncertainty about whether, and when, the roadmap steps will be met. “Far too little has been revealed about how the government is assessing its four tests on the roadmap for businesses to accurately judge whether it will happen as planned. “The timescales for some firms to get ready are already short. Others will be holding out for decisions to be made around issues like international travel and tourism to finally give them hope for the future. “The UK government must also find a way to work much more closely with the devolved administrations in Wales, Scotland and Northern Ireland on a collective route out of lockdown. A lot of businesses operate across these borders, in both directions, which makes planning their restart even more complex. “Many companies appear reluctant to invest, buy in new stock or make plans for how they will operate when so much is still unknown. They have built up huge levels of debt throughout a year of continued restrictions, seen their cashflow reduced to a trickle in some sectors, while others have been forced to absorb large write-offs due to sudden lockdowns.” “The route back to a full reopening of the economy is still a long way off, with continued uncertainty about whether, and when, the roadmap steps will be met. Far too little has been revealed about how the government is assessing its four tests on the roadmap for businesses to accurately judge whether it will happen as planned.”
The Blue Bermondsey BID was set up in 2014 and has been at the forefront of countless inspiring initiatives locally. It’s origins are inspiring for any small local area.
The journey began in 1997, when a small group of business owners, centred around the Blue Market and High St began campaigning on behalf of local business. Their pioneering efforts led to funding for the Market place to get a makeover and many small community initiatives in the area. In 2008 the group formally constituted as the Blue Bermondsey Business Association (BBBA) and took a more pro-active role, most notably securing £700,000 funding into the High Street. The BBBA led on the project, forming steering groups, engaging the wider business sector and local residents. The improvements included the iconic Bermondsey Lion artwork, that now symbolises the area.
In the following years, the BBBA began to broaden its scope and networking activities and conducted a feasibility study to develop the concept of a ‘BID for the Blue’. Three years of extensive business consultation and engagement followed and in July 2014 local businesses supported the proposals at ballot and Blue Bermondsey BID was founded.
After a first term of delivering services to businesses, building the profile of the area, and seeking longer term solution to the lack of investment locally, £2m capital funding was secured from the Mayor of London’s LEAP Good Growth Fund, for major improvements to the Market Place and High St in early 2019. This was followed by a successful re-ballot for a further five-year term.
Blue Bermondsey worked closely with local community partners and were supported by Southwark Council to develop and submit the funding application. Locally based Turner prize winning design collective Assemble + Hayatsu Architects were appointed after their impressive tender proposal entitled ‘Made In Bermondsey’ was successful.
After an extensive consultation exercise the works began in January 2021 and are on schedule to be completed in July. The funding is being used to totally regenerate the market infrastructure, improvements to shopfronts and the creation of better connections to the town centre.
The most inspiring and ambitious part of the regeneration is the potential to empower and encourage local residents, entrepreneurs, and stakeholders to harness the economic and social opportunities the market brings. A thriving and authentic local market enhances sustainable supply chains, local procurement, jobs, and enterprise, whilst improving the environment and supporting the wider local economy. Post covid and the expected upturn in unemployment, the Blue Market can be a place that unites the local community and gives local entrepreneurs and start-ups a tangible opportunity to test trade their businesses ideas in a supportive and affordable environment. When enterprises thrive, society thrives and in this cusp of significant change the market represent a prime opportunity for local people to be involved in shaping the uses and play a significant role in the longerterm vision and economic recovery. Jack Shah, Blue Bermondsey Chair, has been running his gentlemen’s clothing shop ‘Blu 1’ on the High St for 15 years and acknowledges that the challenges businesses face as a result of the pandemic are unprecedented. “As a representative organisation our profile and connections place us in an unrivalled position to help bring the Blue Bermondsey back to life in a safe way as quickly as possible when restrictions are lifted and our businesses are allowed to resume trading with a reasonable level of normality. We were able to act decisively during the first lockdown to promptly deliver a package of support for those essential businesses that remained open and disseminate crucial information through hard copy, our website, and well supported social media platforms. Through the ongoing uncertainty we have maintained operations and services to the best of our abilities and have worked with our neighbouring Southwark BID’s, the Council and business groups to share knowledge and expertise to lobby the Government, the GLA, and a wide range of strategic bodies. This allowed us to give direct input into a range of campaigns and practical support, including assisting businesses that had difficulty obtaining payment of business support/grants. This collective voice ensured that any decision-making resulted in the best possible support programmes and the most up to date information for our businesses”. Blue Bermondsey BID exists to support and promote local businesses, attract new businesses and investment, with the longterm aim of generating a prosperous local economy alongside actively advocating the area’s individuality and unique character. The legacy of the Made in Bermondsey regeneration programme will be a key principle in helping to transform the Blue into a thriving area, once more recognised and celebrated as Bermondsey’s historic town centre and is the first major step towards a wider holistic vision for the area by the BID, local partners and stakeholders.
