A new survey by business bosses has found that economic confidence is at an all-time-low, yet local business leaders believe that devolution for Cheshire and Warrington could transform the local economy and be a “game changer” for the area’s economic prospects.

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The Economic Confidence Index – compiled by the Institute of Directors, a respected group representing the UK’s company directors, senior business leaders and entrepreneurs – found that the share of business leaders reporting they were pessimistic about the economic outlook exceeded those who were optimistic by 72% in July. In June, the figure was 53%.

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The survey of 894 finance directors predicted wages and costs would rise, and revenue and exports would fall. Overall economic confidence is now at its lowest since the survey began almost ten years ago.

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But while the national picture is gloomy, recent evidence and snapshots from the business community in Cheshire and Warrington suggests that local business leaders believe that the area’s economy could be transformed and improved with a devolution agreement.

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Outline plans to set up a Mayoral Combined Authority and hold Mayoral elections in May 2027 are due to be voted on by Cheshire East Council, Cheshire West and Chester Council, and Warrington Borough Council in September. If approved, devolution would mean more local control over economy and regeneration funds, enabling targeted investments that support local industrial strengths – from life sciences to advanced manufacturing.

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Local business leaders have long called for new measures to make it easier to attract funding, access to skills and training, and establish a strong local network to help local businesses grow. Devolution could help deliver on these issues because Cheshire and Warrington leaders will be empowered to work with a newly elected Mayor to jointly support local businesses through a more responsive and agile approach to local economic development.

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In a recent government public consultation on the proposal to establish a Cheshire and Warrington Mayoral Combined Authority, over 60% of business respondents agreed that it would deliver benefits for the area by driving investment in local priorities, enabling better public transport and connectivity, enhancing local public services, and improving local governance and accountability.

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Sarah Callander Beckett, owner of Combermere Abbey near Nantwich, said:

“There is so much potential in the Cheshire and Warrington economy, but local businesses like mine need support and I think devolution would deliver that.

“Devolution could be a gamechanger for local businesses as a new Mayor – working with local businesses and council leaders – would be able to respond more quickly to new opportunities and help us access new funding, skills and training to help us grow. Councils need to back devolution for Cheshire and Warrington if they are serious about backing local businesses, growing the local economy, and creating more local jobs.”

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Steve Purdham, Chair of the Cheshire and Warrington Business Advisory Board, said:

“While the immediate national economic picture may be gloomy, local business leaders I speak to are far more optimistic about the future, especially if council leaders approve moving forward with devolution next month.

“The devolution proposals are about giving Cheshire and Warrington the power to shape our own destiny and transform our local economy. We’re ready to invest in our people, businesses and public services, and stand up for our communities to ensure that our area really benefits from the huge economic potential that devolution can and will deliver.”

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For more information about the Cheshire and Warrington devolution programme, visit cheshireandwarringtondevolution.com.