Last week 25,000 investors and property developers travelled to Cannes in France. They were there to discuss where to invest money to generate jobs and economic growth. They listened to cities and regions who need to attract their investment.
From Bangalore to Budapest, from Copenhagen to Cape Town. Every major city and region on earth was there promoting what they have to offer to investors. Seminars, workshops and, yes, champagne receptions defined five days of discussion and networking.
In recent years Council leaders and business leaders from our region have travelled to be part of this debate. This year Counter Context assembled the largest ever delegation of businesses who were sponsoring our delegation. We promoted over £1bn of investment opportunities. Unfortunately, our political leaders were thin on the ground.
Why were they not there? They have busy schedules, they have responsibilities back home. These are all reasonable explanations. There is also the suspicion they fear being photographed sipping champagne at drinks receptions. This is not an unreasonable anxiety. Voters back home are angry. Many will see a trip to Cannes as a gross waste of public money.
Going to Cannes is anything but a waste of money. Being part of this global network matters. Attracting investment is like finding a job. You cannot sit at home hoping the phone will ring, you need to get out there. You need to have those conversations that turn into big deals. Deals like the multimillion pound investments recently announced by McLaren and Boeing. Our politicians play an incredibly important role in these conversations. They give confidence to investors.
By 2020 our town halls will receive no central grant from Whitehall to fund Council services. This means huge changes to how we fund the services we all rely on. The gap needs to be filled by Business Rates – the tax paid by businesses and investors. Our politicians need to be meeting, talking to and sipping champagne with these investors to show them what we have to offer and to attract them to our region.
There will be many more events that afford valuable opportunities for Sheffield. We need to support our politicians and allow them to do their jobs without the fear of public backlash.
It may not make for a great photograph now but it will fund essential services in the future.