At the stroke of the Midnight hour (well, one hour before), when the world sleeps (well, everyone will be up for New Years Day), Britain will awake. It’s timely I share this article the now Home Secretary and I wrote following the Brexit Referendum, when she was Employment Minister. Although we were both on opposing sides of the Brexit debate, one the Employment Minister and the other a businessman, asset manager in London’s financial centre, one thing is absolutely clear – we have opportunities ahead and exciting times for Britain and jobs to get on with to ensure Britain can be as great as we always believed – despite wishing to take different routes to that same destination. Regardless of our past views, we have no time to waste in what might have been – it’s time to get on and seize the day. We are not merely talking up Britain and reminding the world that Britain is open for business with some of the most talented highly skilled workforce in the world, investment opportunities for phenomenal growth from infrastructure to life sciences, the best research facilities, greatest global brands, world-class business centres and one of the easiest places in the world to conduct business. We are highlighting the new opportunities the world and Britons may be missing whilst admittedly many remain in a state of shock. First up, businesses. If you’re an exporter or have the potential to export, you have a once in a lifetime opportunity to take advantage of an oversold Pound to boost your sales globally. Governments around the world have been desperate to weaken their currency to boost exports. For Britain, a trading nation, a boost in our exports will help balance our trade deficit but more importantly create more new British exporters and boost sales and profitability of existing ones. Of course importers will have a tighter cost straightjacket imposed on them for a time, and it would be glib to say there will be productivity gains as a result, but that is the opportunity. Of course we have to be mindful of the employees and businesses concerned about uncertainty, but the best thing politicians can do now is communicate a clear vision and plan of action, and the best thing for business is to do what it always does, see opportunities in all environments and never say die. We are not closed to hurdles and pains that exist even in the best of times, but the support that was available from Government agencies before the vote still exists – please use it, whether for as a member of the workforce or business person. The stock market falls will give those fortunate enough to be part of the shareholding democracy a chance to buy great British companies at a huge discount just as we did after the far worse falls of the credit crunch. There is no way our cash-rich biggest international banks are suddenly worth 40% less than they were a week ago. Time and again patience favours the brave. Panic usually means overselling and an opportunity for those on the ball. At the other end of the economic scale, those who need our help the most - if you’re disillusioned fed up of no opportunities and yours was a protest vote, don’t forget all the government programmes for retraining and reskilling. Use them. The New Enterprise Allowance for instance has seen 85,000 business launched since it was unveiled in 2011 for jobseekers wanting to start their own firm and access government funding. And know that in future without EU prohibition on State subsidies Government will be able to support businesses suffering from short-term decline with financial assistance – especially in the industrial heart lands of Britain which have seen the most decline because Government hands have been tied. Business and Politics are well aware, more than ever due to the Referendum results of what worries the people the most. And know we are redoubling our efforts in becoming an even more international country into bringing more global investment into all parts of the United Kingdom to create more opportunities and jobs for young and old and getting the message out around the world about the opportunities. Our vision is to make doing business in Britain easier than in any other country and so more growth, more jobs, all sides of the debate know this is a worthy goal. And if you want to see this at work in its early stages – look at the comments from the Indian press - India one of the largest investors in Britain, and their business persons on how a future trade deal outside the EU would hugely benefit the UK. If you’re an overseas investor you’ve got once in a lifetime bargain low prices because of the exchange rate, buy when others are fearful remember. By investing here you tap into a hugely talented skilled workforce, some incredible intellectual property, facilities for worldclass R&D. Of course we need a calm stable balanced economy in which all sections of society share in our prosperity and the vision from politicians and business must to be move in the same direction together and unified to deliver on both prosperity and the greatness of this country everyone on all sides of the political and economic divide believe in. Our roads may have diverged, but our destination is the same. Rt Hon Priti Patel MP, Minister of State for Employment Alpesh Patel , CEO Praefinium Partners, UK based global asset manager. |
Alpesh Patel
