A new and independent Covid-19 impact assessment report commissioned by the Gatwick Diamond Initiative, has revealed that the most pressing challenge for policymakers in Sussex and East Surrey is responding to a 13-16% reduction in local economic output in 2020, which could take up to ten years to recover and will have significant implications for employment across the region.
The report, produced by 'Hatch Regeneris', highlights the most likely challenges arising from the Covid-19 pandemic by modelling intelligence currently available against the composition of the local economy. The Gatwick Diamond Initiative hopes this information will inform decisions currently being taken by policymakers across the region.
The Gatwick Diamond area is home to a range of established businesses in high growth sectors including Aviation, MedTech, Professional Services and the Digital Economy but as elsewhere in the UK, COVID-19 is having a significant impact.
This latest report suggests the most likely areas of impact on the Gatwick Diamond economy are:
a) employment impacts arising from high exposure to an airport economy.
b) employment impacts in business sectors which have been adversely affected by Covid-19.
c) high levels of self-employment, particularly in Mole Valley and Tandridge in Surrey.
Determined to help businesses recover from the Covid-19 pandemic, the Gatwick Diamond Initiative has shared the report findings with policymakers from local authorities in the Gatwick Diamond region across Sussex and Surrey, and with the Coast to Capital LEP to help inform their response and recovery planning.
Jeff Alexander, Executive Director of the Gatwick Diamond Initiative said:
"We commissioned this report to help inform the strategic decisions our partners and businesses are grappling with amid the Covid-19 pandemic. In an era of unprecedented economic and market volatility, it's clear that a collaborative and agile approach is required to ensure our companies and residents are supported as they navigate these changing times. Our underlying economy is resilient, it's simply about working together to help businesses in the Gatwick Diamond survive and thrive, in order to save and create more businesses and local jobs."
Read the full report here