2026: What is happening?!
On Tuesday 20 January, we chaired a VIP roundtable at Knights to look at the likely challenges and opportunities for the year ahead. It's fair to say the year has already been a LOT and it's easy to feel overwhelmed.
In true Elevate style, we invited cross-sector leaders to ensure broad perspectives and to join the dots between previously unconnected organisations.
We welcomed: Adam Richmond - CPC Projects; Esme Ward - Manchester Museum; Charlotte Lowe - Knights; Jason Kent - British Textiles Machinery Association; Charlotte Ashton - Implicit Advisory; and Paul Widger - Forensic Accountant.
It was noted that businesses are navigating a landscape shaped by tighter margins, rising costs and a pervasive sense of uncertainty. Taxes are higher, recruitment/retention is challenging and geopolitics are, at best, unpredictable. Leaders are understandably anxious, visible at a government level in slower decision making and u-turns. For businesses, that may mean delayed investment, paused planning and a sense of increased risk.
The picture is not all doom and gloom, as attendees reiterated that Greater Manchester has always punched above its weight. It is an inherently innovative, pragmatic and resilient region, with the benefit of not being overly dependent on any single industry. International delegations have noticed that while the UK often shares a narrative of national decline, Manchester is choosing a different story. It one of optimism and long-term ambition.
The economy, unsurprisingly, remains a big concern. Inflation and interest rates are widely expected to fall this year but tax burdens remain high. Too often, decisions are made with large corporates in mind, despite the vast majority of UK firms being SMEs. They employ most of the people in the country, are able to be more innovative in the approach and tend to keep money within their local economies.
London remains a huge draw for investment and talent but there are signs of change. From a cultural perspective, Manchester is rated as a top destination for both visitors and employees. More senior roles in all sectors, particularly professional services, are available in the region (made easier through remote working). Devolution deals give more control back to the regions and GM is undoubtedly leading the way here, with no shortage of ambition.
The frustration lies in turning the GM vision into practical actions. Plans refer to being "a great place to do business" but are light on the specifics. Attendees want to see better communication, cross sector collaboration and regional networks to support investment. There is a sense that we need to attract new people - with fresh ideas and approaches - into policy making roles.
Start ups and university spin-outs are well supported at the earliest stages, yet there is little available for companies ready to scale. What support is on offer usually focuses on raising funds rather than growth.
We have plenty of high skilled people, but these do not necessarily align with the needs of industry. Material science, for example, is scarcely taught and transitions between sectors (e.g. from medical science) happen through individual effort rather than system design.
So, what next? We have committed to move cross-sector roundtables throughout the year, and have started planning a “good news” event to provide a platform for optimism and ambition. As ever, we will continue to ensure our network’s voice is heard in the right rooms.
If Elevate can support you this year through consultancy, events management or profile building, please contact Ilona Alcock.