The Government’s Spending Review this week marked a key moment in shaping our national economic strategy, and its £113bn commitment to capital investment over the cutgrrent parliament signals a desire to stimulate long-term, sustainable growth.
This is what we all need to break out of our current short-term cycles, which impact both society and business thinking, as we have been pushing for with the fourth ‘sustainable growth’ pillar of the Service Nation.
Similarly, there are substantial investments in infrastructure across regions outside London, including the £15.6bn earmarked for transport upgrades in the North and Midlands, alongside £39bn for a decade-long Affordable Homes Programme.
These are important and positive steps to address regional imbalances and encourage broader growth in the UK economy, with the potential to enhance connectivity, reduce travel times and support local communities.
However, as the latest growth figures and recent economic contraction show, the measures announced by the Chancellor must deliver if they are to lead us back to sustainable growth. The real challenge is ensuring that these investments translate into job creation, increased productivity, and improved experiences for the people and communities they are intended to serve.
Ultimately, this will only be possible if we put the customer (and citizen) perspective at the heart of strategy, right through to delivery.
A unified industrial strategy centred on the customer
While infrastructure investment is crucial, to be most effective it will need to align with a coherent and comprehensive industrial strategy that supports the nation’s long-term economic goals. What we really need is a joined-up plan for UK PLC.
That’s why, whilst welcoming many of the investments announced this week, I eagerly await the Government’s modern Industrial Strategy. Its delay leaves outstanding questions over the nation’s ability to develop a cohesive economic vision.
A unified strategy should integrate infrastructure development, research and innovation, and skills training to ensure that outcomes are fit for purpose, considering the constantly evolving customer and end-user expectations and preferences.
Anticipating which areas will deliver the best return for the country and what we will need in 10 years’ time as a nation is a challenge for policymakers and business leaders alike. And this is something we try to support through our programme of Breakthrough Research pieces.
Different civic stakeholders need to communicate with each other in a cohesive and purposeful manner, considering all the touchpoints they have with the public as they implement strategic goals.
At the centre of it all must be a relentless focus on the needs of the nation’s citizens and businesses to create fertile and balanced ground for prosperity. This will help address societal polarisation and social cohesion – reducing some of the abusive behaviour we have been campaigning against with Service with Respect.
Seizing an important opportunity
Research from the Institute reveals that poor customer service is costing UK businesses a staggering £7.3 billion every month. This underscores not only the need to embrace a customer-centric approach across all sectors, but also the vital role the service sector plays in driving our economy.
We have an opportunity to elevate efficiency and effectiveness whilst positioning the UK as a service leader on the global stage.
By seizing this opportunity, we can ensure these proposed investments actually deliver the change Britain needs.
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