The budget has been unveiled, so what's next for Sussex businesses? Plus, find out which events local leaders ought be at in November.

Today, Chancellor Rt Hon Rachel Reeves shared the government's budget plans which show some opportunities for local business leaders - more on this below and in South East Online. However, it would seem that as we approach the end of 2024, Sussex businesses are at a pivotal moment in their economic journey. Despite facing challenges such as the lingering effects of the COVID-19 pandemic and the current cost of living crisis, there is a remarkable resilience amongst businesses.

With a thriving entrepreneurial spirit, strong community ties, and a commitment to innovation, Sussex is poised for growth. Below, you can explore the economic outlook across East-, West-, and Mid Sussex, and discover key opportunities as well as some of the implications brought about by the new UK government budget announcement.

Additionally, you will find a roundup of local business and community events taking place throughout November 2024 for entrepreneurial types and local leaders to network at.

First of all, let's take a look at how businesses across Sussex have been faring this year (2024) and what opportunities there are ahead:

1. Strong business growth: The top 40 privately owned businesses in the region achieved a 26% increase in turnover, reaching ￡10.98 billion in 2024.
2. Thriving business support sector: The professional services sector showed exceptional growth, with a 29% increase in turnover to ￡2.16 billion.
3. Rural business resilience: Rural East Sussex, particularly Wealden district, accounts for 36% of the county's total business stock, with small and micro enterprises leveraging technology to overcome geographical challenges.
4. Tourism and hospitality outlook: The stunning natural environments and cultural attractions continue to underpin a thriving visitor economy, with sustainable tourism opportunities on the rise.
5. Viticulture sector growth: Sussex's wine industry is experiencing significant expansion, contributing to both the agricultural and tourism sectors.
6. Tech sector development: Emerging tech clusters, for instance in Eastbourne with initiatives like the Chalk consortium, show promise for future growth in digital sectors.
7. Skills and employment focus: With 83% of the region's business leaders citing skills shortages as affecting productivity, there's an increased emphasis on nurturing talent and digital skills for 2025. Gen-Z workers, known for their digital nativity and interest in sustainability, are well-poised to fill these gaps, particularly in sectors like green technology, digital marketing, and sustainable tourism.
8. AI and automation adoption: Sussex businesses are increasingly focusing on artificial intelligence and automation tools to boost productivity.

According to sources such as South East Business, the West Sussex Economy Snapshot and the The East Sussex 2050 Economic Prosperity Strategy, the Sussex region is well-positioned for continued economic growth in the immediate future, with particular strengths in business services, rural enterprises, tourism, and emerging tech sectors.

The integration of Gen-Z into the workforce, especially in areas aligned with their values and skills, could play a crucial role in addressing the region's skills shortages and driving innovation. To find out more about how your business could bridge the gap of hiring Gen-Z talent, get in touch with Sophie O'Brien at Pollen Careers, and take a look at the Future of Green Skills Sussex report, as well as the Sussex Chamber of Commerce.

Secondly, let's take a brief look into how October's UK government budget announcement could impact businesses in Sussex

Here are highlights about how the UK government budget (30th October 2024) introduces a mix of stability and challenges for businesses across the South East of England:

• Corporation tax stability: The cap at 25% provides predictability for business planning.
• Increased employer NICs: While this raises labor costs, the Employment Allowance increase may help smaller businesses.
• R&D tax credits maintained: Continued support for innovation is beneficial for startups.
• Potential CGT changes: Increased capital gains tax rates could discourage investment and affect entrepreneurs selling their businesses. Find out more in this video from City AM

Finally, let's find out where business leaders can network and support local communities across Sussex in November 2024

As promised, following on from my previous article in which I listed 15 events in October specifically created for Sussex business leaders, I am happy to share the next roundup of events.

Here is a week-by-week summary of local networking opportunities and community engagements to help locals remain proactive in their own business growth strategies while staying connected within the communities they value most:

From 4th November:

• 5th - gdb Networking Cream Tea at Hotel du Vin in Brighton (afternoon) https://www.gatwickdiamondbusiness.com/events/gdbafternoonteaathotelduvin
• 5th - Lewes Bonfire Night (note road closures and public transport options into Lewes) https://www.lewesbonfirecelebrations.com
• 9th - Brighton & Hove Albion vs. Manchester City Premier League match at the American Express Stadium (Brighton)

From 11th November:

• 14th - SOCC Membership Meet & Greet - Victoria Business Centre, Burgess Hill (West Sussex) https://www.sussexchamberofcommerce.co.uk/events-training/ems-event-calendar/membership-meet-greet6.html
• 15th - Stargazing Evening - The Observatory Science Centre in Herstmonceux (East Sussex) https://www.visitsoutheastengland.com/events/stargazing-evenings-p2316111
• 17th - Lewes FC Women's 1st Team vs AFC Wimbledon in Lewes at The Dripping Pan (East Sussex) as part of the FA Women's National League Southern Premier

From 18th November:

• 20th - FSB Brighton In-Person Networking in Brighton https://www.fsb.org.uk/event-calendar/brighton-in-person-networking-20nov24.html
• 21st - gdb Bank of England Business Briefing with MHA at Ashdown Park Hotel & Country Club (West Sussex) https://www.gatwickdiamondbusiness.com/events/gdbbankofenglandbusinessbriefingwithmha
• 23rd - Here and Now, There and Then by Nigel Hall RA at the Towner Gallery, Eastbourne (East Sussex) https://www.visitsoutheastengland.com/events/here-and-now-there-and-then-by-nigel-hall-ra-p2435181

From 25th November

• 28th - SCOC Ultimate Sussex Network at the Raystede Centre for Animal Welfare near Lewes (East Sussex) - https://www.sussexchamberofcommerce.co.uk/events-training/ems-event-calendar/ultimate-sussex-go-slow-networking-in-partnership-with-raystede.html
• 29th - Eastbourne Business Awards at the Winter Garden Eastbourne Theatres (East Sussex) hosted by Eastbourne Chamber of Commerce - book your tickets now! https://www.eastbourneunltd.co.uk/events?id=1296
• 29th - Brighton & Hove Albion vs. Southampton - Premier League match at the American Express Stadium (Brighton)

Heads up for December

On Thursday, 5th of December, Platinum Media Group Ltd will be hosting their fantastic Sussex Business Awards 2024 at The Grand in Brighton, to celebrate successes and recognise some of the best innovators, leaders, and entrepreneurs from Sussex. Definitely a spectacular awards ceremony that ought to be marked in your diary!

As we look ahead to 2025, the economic landscape in Sussex presents both challenges and significant opportunities for growth. The resilience demonstrated by local businesses, combined with some of the measures outlined in the recent government budget, would appear to foster an environment ripe for innovation and expansion.

Whilst strutting your stuff, now is a time to embrace strategic hiring, invest in digital transformation, upskill in AI and engage with our vibrant communities. By leveraging local networks and resources, entrepreneurs and business leaders may be bolstered to navigate the current economic climate but also position themselves for success in the future.

Sussex is a brilliant hub for businesses and families to thrive, and by continuing to collaborate and seizing the opportunities that lie ahead, there's more opportunity for all to thrive and drive economic growth while enriching communities across our wonderful region.