Blog Type, IPT Blog | August 2017
Summer Events Round-Up
Keeping the UK Attractive for Investment Post-Brexit:
On Wednesday 6 June the Industry and Parliament Trust (IPT) hosted the first event of its rescheduled summer programme. Entitled ‘Keeping the UK Attractive for Investment Post-Brexit’, the discussion was chaired by Mark Garnier MP, Parliamentary Under-Secretary of State in the Department of International Trade, and included guest speaker Vandita Pant, Group Treasurer and Head of Europe at BHP. The timely dinner discussion was attended by parliamentarians and industry representatives who discussed the impact of Brexit on foreign direct investment into the United Kingdom.
- The discussion explored the various trade models available to the UK in a post-Brexit environment
- Attendees discussed the inward investment strategies of the UK’s key competitors and how these strategies related to the UK’s wider economy
- The dialogue also touched on how new investment policies and trade strategy can open up markets for UK firms and tackle productivity and long-term growth challenges.
Culture and Creative Enterprises: Contributions to the UK Economy
On Wednesday 5 July, the Industry and Parliament Trust (IPT), in partnership with the City of London Corporation, hosted a breakfast meeting on the subject of ‘Culture and Creative Enterprises: Contributions to the UK Economy’. The meeting was chaired by The Rt Hon Ed Vaizey MP, former Minister for Culture, Communications and Creative Industries, and saw speeches from guest speakers Sir Nick Kenyon, Managing Director of The Barbican Centre, and Sharon Ament, Director of the London Museum. The discussion considered the rich and varied offerings of the UK’s creative and cultural industries.
- Attendees noted the funding pressures that currently affect the culture and creative sector in the UK
- As the culture and creative industry brings almost £10m per hour to the UK’s economy, discussion turned to how the Government can best support the creative industries to create new jobs and export services
- The allure of the UK’s creative industries to the UK’s, and especially London’s, tourist sector was highlighted.
Growth in SMEs Post-Brexit:
On Monday 10 July the Industry and Parliament Trust (IPT), in partnership with Aston University, hosted a dinner discussion on the topic of ‘Growth in SMEs Post-Brexit’. The event was chaired by Dr Peter Kyle, member of the Business, Energy and Industrial Strategy Select Committee and co-founder of an SME production company. Guest speakers Neil Warwick, chair of the Federation of Small Business’s Brexit Policy Unit, and Professor Mark Hart, Professor of Small Business and Entrepreneurship at Aston University, provided their thoughts and experiences.
- There have been record levels of business start-ups and SMEs in the UK in recent years
- Attendees discussed that prior to the Brexit vote SMEs faced a number of long standing challenges such as low levels of productivity and a skills relevant to SMEs available in the labour market
- It was felt that Brexit might present opportunities for the Government to undertake policies in support of sustainable growth among SMEs.
Speaker Professor Mark Hart contributed a blog elaborating on the subject which can be found here.
Innovate UK: Catapult Centre Drop-In
In the afternoon of Tuesday 11 July, the Industry and Parliament Trust (IPT), in association with Innovate UK, hosted a Drop-in Reception focusing on the ten Catapult Centres of excellence across the UK. The event brought together representatives from each of the Catapult Centres with parliamentarians to discuss the work of the Catapult Centres. The reception included speeches from Innovate UK Chief Executive Officer Dr Ruth McKernan, Chief Executive of the High Value Manufacturing Catapult Dick Elsy, and Founder and Chief Executive Officer of Oxford Space Systems Mike Lawton.
To read more about the event, and the Catapult Centres, please see the IPT blog on the event here.
Skills for the Future:
On Tuesday 11 July the Industry and Parliament Trust hosted a breakfast meeting in Parliament on the topic of Skills for the Future. The discussion was chaired by Ian Mearns MP, former Education, Skills and the Economy Sub-Committee member and included guest speakers Mr Martin Hottass, UK Skills Partner at Siemens and Professor Chris Warhurst, Director of the Institute of Employment Research at the University of Warwick. The event was attended by parliamentarians and Industry representatives who discussed how best the UK can educate children entering primary school today that may end up working in new job roles that don’t yet exist.
- The discussion looked at the opportunities and challenges of the current education system in providing the necessary skills for the future
- Attendees explored the importance of technology, STEM and labour market skills for future generations
- Thoughts on how the education process, government and industry can work together to create an adaptable system that can upskill and accommodate for future job requirements were shared
- The importance of available impartial and practical advice for students after finishing their GCSEs was also raised
Wednesday 12 July: Brexit and the Future of Financial Services
On Wednesday 12 July, the Industry and Parliament Trust (IPT), in partnership with the City of London Corporation, hosted a breakfast meeting on the topic of ‘Brexit and the Future of Financial Services’. The meeting was chaired by Hugh Morris, Deputy Chairman of the Policy Committee at the City of London Corporation, and featured guest speaker Rebecca Park, Head of External Affairs and Communications at UK Finance. As the UK is the world’s leading exporter of financial services by a significant margin, the meeting offered a range of industry and parliamentarian attendees the chance to consider the impact of Brexit on financial services.
- The financial services sector is a vital part of the UK economy creating an annual trade surplus of more than £72bn and contributing £66bn in taxes
- Attendees discussed the potential regulatory and economic impact that Brexit will have on financial services
- The prospect of an interim arrangement and post-agreement implementation phase was mentioned, particularly with regard to ensuring financial stability to the sector.
Wednesday 19 July: Bank of England £10 Launch
On Wednesday 19 July, the Industry and Parliament Trust (IPT), in partnership with the Bank of England hosted the launch of the new £10 note in Portcullis House. The event saw speeches from the Bank of England’s Chief Cashier, Victoria Cleland, and The Lord Holmes of Richmond MBE, a member of the Lords Select Committee on Financial Exclusion. A number of MP’s attended to test the new tactile feature on the £10 note which helps blind and vision impaired users identify their value.
For more information on the event and the new £10 note please read the IPT event blog here.