The Midlands Economic Summit brought together business leaders, policymakers and industry experts to discuss the challenges and opportunities shaping the UK's economic future. While the conversations covered a broad range of topics, three key themes stood out: the impact of rising energy costs, the importance of connecting people to opportunity and the need for a measured approach to artificial intelligence.
Rising energy costs are holding back businesses
One of the strongest messages from the summit was the continued impact of high energy costs on British businesses. Industries that have long formed the backbone of the UK economy, particularly manufacturing and automotive, are facing significant pressures as energy prices remain substantially higher than those faced by international competitors.
Many businesses are finding themselves at a disadvantage, with energy costs eating into margins, limiting investment opportunities and reducing competitiveness. For sectors such as automotive manufacturing, which play a vital role in keeping the UK economy moving, these costs are becoming increasingly difficult to absorb.
An interesting point raised during discussions was that renewable energy is now widely regarded as being cheaper than fossil fuel-generated power in many circumstances. This presents a significant opportunity for the UK. Accelerating investment in renewable energy infrastructure could help reduce costs for businesses while supporting the country's net-zero ambitions. For many delegates, the challenge is no longer proving that renewable energy works economically, but ensuring the infrastructure and policy environment exist to unlock its full potential.
Everyone must be connected
Economic growth depends on people being able to access opportunities. Throughout the summit, there was a clear recognition that improving connectivity must remain a national priority.
For some, connectivity means reliable and affordable public transport that enables them to travel to work. For others, it means efficient road networks that reduce congestion and allow businesses to move goods and services more effectively. Both are essential if we want to maximise productivity and support regional growth.
However, connectivity is no longer just about physical infrastructure. Digital inclusion is becoming equally important. With an estimated 22% of UK adults considered digitally excluded, a significant proportion of the population risks being left behind as more services, recruitment processes and training opportunities move online.
This represents not only a social challenge but also an economic one. Businesses across the country are facing skills shortages, yet a sizeable pool of potential talent remains difficult to reach because of digital barriers. Addressing digital exclusion could help connect more people to employment opportunities while supporting businesses in accessing the talent they need to grow.
AI adoption must be strategic, not rushed
Artificial intelligence was another major topic of discussion, but perhaps not in the way many expected. Rather than focusing solely on rapid adoption, there was widespread recognition that AI represents a significant skills and infrastructure shift that requires careful management.
Notably, delegates highlighted the absence of specific AI legislation in the King's Speech, particularly when compared with regulatory developments taking place in other countries. This has created uncertainty for some organisations as they seek to balance innovation with responsible implementation.
The consensus was that AI should be viewed as a tool to enhance jobs rather than eliminate them. Human oversight, judgement and expertise will remain critical in many business processes. The most successful organisations are likely to be those that combine the efficiency of AI with the experience and creativity of their workforce.
For businesses considering their next steps, establishing an internal AI taskforce was discussed as a practical approach. By bringing together people from across the organisation, businesses can experiment with AI applications, identify opportunities for improvement and develop governance frameworks that ensure technology is deployed responsibly and effectively.
