I believe economy will bounce back

THROUGHOUT the pandemic, I have always believed that the economy would bounce back as restrictions are eased and businesses reopen.

This has been described as a ‘v-shaped recovery’; a period of economic stagnation followed by quick economic growth. I still believe this, and I know many local businesses have been grateful for the financial support that the Government has provided which has allowed them to ride the worst and come out stronger on the other side. Protecting the NHS and saving lives must always be our priority, but as Loughborough’s MP, I stand ready to support businesses, both now and into the future during their recovery phase.

The hospitality industry has been one of the worst hit sectors during the pandemic; pubs and restaurants have been forced to close, weddings cancelled, and events put on hold. Within the Loughborough constituency there are 290 businesses within the hospitality industry employing 3,000 people, which goes to show just how much the sector contributes to the local economy. In a recent Westminster Hall debate, I argued the case that we should suitably support these businesses, as well as the various spin-off businesses connected to the sector who have often missed out on the funding.

There are things we can do to help these businesses, such as abolition or reform of business rates, which will really help businesses such as pubs, restaurants and cafes. I have made the case to ministers that business rate relief should be extended for a further year, and that should be for both businesses in the hospitality industry, as well as related ones.

Followers of my social media channels will have seen that I have taken a keen interest in the wedding industry which has taken a huge financial hit throughout the pandemic. 264,000 weddings were cancelled last year and there are 475,000 weddings scheduled to take place this year. The potential for a bumper year in this sector is huge. As we come out of lockdown, I want to see businesses reopen as soon as it’s safe to do so. Last summer, we saw how many businesses such as restaurants, cafes and pubs put in measures to make themselves Covid-secure, allowing customers to return. These safety measures will aid recovery this time and will help to restore confidence with consumers, many of whom are understandably reluctant to return. The health sector has developed rapid testing, which can give results in minutes, rather than days. This could be utilised allowing events to take place again, such as weddings, but also for conferences and spectator events.

Later this year when businesses are open again, there is huge potential expand and grow. As a country, we are forging new trading relationships around the world and opportunity to export is growing.

I am pleased to announce that the Loughborough constituency has been selected to take part in the first tranche of the Parliamentary Export Programme (PEP) due to the expertise based here. The PEP is a scheme backed by the Department for International Trade (DIT), and over the next few months I will be chairing three online events for local Small and Medium Enterprises (SMEs) where they will get access to experts who will help them to grow their business internationally.

The first event will be in early March, so if you are an SME who already exports, or are considering exporting, contact me to find out just how easy the DIT will make it. The sessions are open to those who already export as well as those with no exporting experience. Further details will be provided in the coming weeks, so please do check my website at www.janehunt.uk or my Facebook page.

I am here to support all businesses locally, so I am also looking to set up a Business Forum for all businesses in the constituency. Whether large or small, I want to support businesses through networking events, webinars and seminars. I am also looking to bring Government ministers to the constituency to listen to the priorities of businesses here. If you are interested in joining a business forum (there will be no membership fee), please let me know by filling in a form on my website: www.janehunt.uk.

Finally, if I can be of any assistance, please don’t hesitate to get in touch.