Simplicity is key to LEPs' success, says Barclays boss
The managing director of Barclays Corporate in the Midlands has told Insider that the local enterprise partnership (LEP) submissions which are accepted by the government must be a one-stop shop for businesses. Ray O’Donoghue said the LEPs must be "clear and simple with what they provide".
He added: "Instead of being passed through five or six organisations to get to advice or finance, the LEPs have got to be easy to work with. I don’t think the old system [of regional development agencies] ever really cracked that.”
O’Donoghue spoke to Insider at the launch of the new Barclays Corporate brand, which offers banking solutions for companies throughout the UK. The Midlands’ managing director said that the scheme offers support to companies with a turnover of £5m and above.
He said that the bank’s customers want “clarity” over what the LEPs will deliver.
“I think people understand the idea of these partnerships, but what they don’t know is how they will deliver, and who is going to be in charge. I think with the right people, the new organisations could be very successful. The right people will learn from the mistakes of the regional development agencies”, said O’Donoghue.
Despite the uncertainties surrounding the economy and the threat of a double-dip recession, O’Donoghue said that the demand for the corporate brand is high.
“It’s the perfect time to launch the brand, in some ways,” he said. “People need more help and support, and want to learn how to become more self-sufficient as time goes on.”
O’Donoghue also said that some sectors were prevailing despite challenging conditions.
“Low cost and budget retailers are doing very well. And the property and housing sectors are becoming more invested markets, despite the perception that they are struggling.”
He added: “The marketplace isn’t going to get a lot easier a lot quicker. We’ll see a steady improvement, over the next year or so. I’m quietly confident that it will improve over time.”
