February is often when the year’s economic mood becomes clearer. The early optimism of January settles into the practical reality of order books, wage bills and investment decisions.
And for many Bedfordshire firms, that reality in 2026 is mixed: inflation has eased from recent highs and interest rates have started to come down, but confidence remains fragile after a year of policy shocks, global trade headwinds and rapid technology change.
Nationally, the latest British Chambers of Commerce forecast points to a subdued growth outlook. UK GDP growth is expected to be modest this year and next, before improving slightly thereafter. Inflation is projected to continue easing, with interest rates falling only gradually.
That’s welcome progress, but it doesn’t remove the pressures businesses feel day-to-day. Importantly, business investment growth is expected to remain subdued and the labour market is forecast to loosen. In plain terms: the cost of borrowing may ease, but not quickly; demand may improve, but not dramatically; and many firms will remain cautious about hiring and capital spend.
In that environment, regions that can off er clarity, capability and confidence will win the next wave of investment.
That is precisely where Bedfordshire’s opportunity lies.
A county with real momentum
While the national picture is restrained, Bedfordshire has several powerful local tailwinds. We are seeing a concentration of investment and growth projects that, if planned and delivered well, can strengthen our economy for a generation.
The most high-profile is the proposed Universal Studios development (UDX), which has the potential to be transformational – not only in visitor economy terms, but in construction, logistics, food and drink, business services, creative industries and supply chains.
In recent weeks I met with Bedford Mayor Tom Wootton to align on economic development and inward investment priorities, including UDX. I also attended a hospitality sector roundtable with Bedford Borough Council and local operators to focus on readiness, from construction through to operations, covering workforce, skills, capacity and the practical actions that keep local businesses close to the opportunity.
But UDX is not the only story. The expansion at London Luton Airport continues to be a significant driver for jobs, supply chains and connectivity. And the redevelopment of the Vauxhall site represents another major opportunity to shape high-quality employment land, attract new investment, and ensure local firms can compete for contracts.
Taken together, this is a ‘platform moment’ for Bedfordshire. The challenge, and it is a challenge, is ensuring the benefits land locally: that our SMEs can access procurement pathways, that our workforce is ready, and that our infrastructure keeps pace.
Skills: the make-or-break factor?
If there is one constraint that repeatedly comes up in conversations with members, it is skills – not just shortages, but mismatches between what is available and what is needed.
That’s why we are putting employer demand at the centre of our work through the Local Skills Improvement Plan (LSIP). Via the LSIP Steering Group, we are reviewing delivery and shaping priorities and actions for LSIP 2.0.
This is about getting more of the right training in the right places: construction and engineering; logistics; hospitality and visitor economy; digital and professional services.
We are also reinforcing the ‘missing middle’ between education and employment: placements, curriculum input and progression routes. I recently contributed to a CTEC regional stakeholder discussion, on the agenda was the case for deeper collaboration so learners are better connected to local employers and supply chains – particularly as big projects create new demand at pace.
For businesses, the ask is simple: get involved. Offer placements where you can, shape curriculum where you have insight, and tell us where the pinch points are. The faster we feed that intelligence into provision, the faster we can build a workforce that attracts and retains investment.
CEO
Bedfordshire Chamber of Commerce
A clear call to policymakers
This is where policy choices matter. My message to policy-makers is straightforward: give businesses stability and clarity, accelerate planning and infrastructure delivery, and back skills and innovation with long-term commitment rather than short-term initiatives. If we want firms to invest, hire and export, we must remove uncertainty where government can and focus on the fundamentals that raise productivity and unlock private investment.
For Bedfordshire, that means keeping major projects moving at pace, ensuring transport and utilities capacity matches growth and supporting skills pipelines that are genuinely employer-led. It also means a more consistent approach to business-facing policy, so companies can plan beyond the next quarter and commit to multi-year decisions.
The next 12 months: readiness and relationships
So, what should we be aiming for by this time next year?
- Local supply chains ready to compete for UDX, airport-related opportunities and redevelopment contracts
- Skills pipelines aligned to real employer demand, with stronger placement pathways
- Businesses investing in productivity, even if growth remains modest nationally
- A clearer local growth story, backed by delivery – so confidence returns
In uncertain times, the places that succeed are the ones that collaborate. Bedfordshire has the assets – entrepreneurial businesses, strategic connectivity and a pipeline of investment. Our job now is to convert that potential into real, local benefit.
If something is affecting your business – skills, costs, recruitment, export barriers – tell us. We’ll take it to the people who can change it, and we’ll make sure Bedfordshire’s business voice is not only heard but acted on.
Find out more about Bedfordshire Chamber of Commerce at the website here, or call 01582 522448.
