Bold and ambitious in intent, Bradford’s new economic strategy signals a collective determination to see the District play its full part in the national economy. David Baldwin, Chair of our Economic Partnership, stresses that realising our goals needs a minimum requirement of maximum effort and we were soon off backing Bradford as part of the Leeds City Region delegation to MIPIM, the high profile global property conference, where we have been promoting the District to investors including the opportunities afforded by a high speed city centre rail stop. Proposals to stimulate business and housing growth formed part of the Council’s budget. The income that growth will generate is needed to sustain good services as we continue to face funding cuts which have once more left Councillors facing some very tough choices. We keep on making the case for Bradford’s needs to be fully recognised in future Government funding.   

Kersten England
Chief Executive
City of Bradford MDC

“Pioneering, Confident and Connected”, a new District wide strategy for economic growth has been unveiled. The plan sets out ambitions to build the UK’s fastest growing city economy increasing its value from £10 billion to £14 billion, getting 20,000 more people into work and equipping 48,000 more people with NVQ3 level skills. 

• Bradford’s economy is growing – 20% increase in businesses in three years.
• Annual exports worth £2 billion.
• Most productive businesses of any Northern Powerhouse city. 
• Best place in the UK to start a business says Barclays Bank

The strategy was developed by partners and business leaders working together to address challenges which include too many people not working, skills gaps and underinvestment in infrastructure.

“Pioneering, Confident and Connected” focusses on growing businesses and jobs. It is founded on two principles - inclusive and sustainable growth - giving everyone chances to connect to opportunities offered by an expanding economy while ensuring that growth protects and enhances our environment. 

Three strategic assets will drive growth; our people offering the advantages of a young, diverse population; innovative, productive businesses and diverse places and communities. 

Four key opportunities are identified: 

• Young & enterprising population –ensuring that young people in the UK’s youngest city have the skills needed to drive growth. 
• Distinctive offer – using heritage and culture to attract investment.
• Growth potential – utilising business strengths to innovate, improve productivity and create the conditions for growth. 
• Globally Connected – exploiting global links; improving transport and digital infrastructure. 

Bradford Economic Partnership is a powerful new voice for the District and will oversee the strategy’s delivery. 

Business and Council leaders have been making the case for Bradford and promoting its investment opportunities as part of the Leeds City Region (LCR) delegation to MIPIM, the international property conference. 

As well as pitching a pipeline of specific investment opportunities including City Centre High Speed Rail, One City Park, Canal Road Corridor, Exchange Court and enterprise zones at Gain Lane and Parry Lane, the delegation are inviting investors to discover why Bradford is the best place for their business and how its young and diverse population are fuelling its economy. 

In a highly competitive global market place it’s vital that the region is fully represented at the high profile event which last year generated more than 430 enquiries across the LCR delegation and put the City Region in touch with over 100,000 influencers, investors and fund managers.

• LCR is the biggest UK city region economy outside of London - £64.4 billion.
• 3m population with 7m in an hours drive.
• Office costs 50% lower than London
• Second only to London for banking.
• 38,900 graduates a year including over 15,000 STEM graduates.

Research launched at MIPIM reveals that a Northern Powerhouse Rail (NPR) high speed station in Bradford City Centre could add £15bn to the North’s economy. The analysis, carried out be economic development experts GENECON, also indicates that a revamped Bradford Interchange, serving traditional rail and bus services as well as a new high-speed link, could generate up to 15,000 new jobs across LCR and reduce journey times to Manchester and Leeds to 20 minutes and 7 minutes respectively. Computer generated images of what the revamped station might look like were also released. If it receives the green light from government NPR is expected to be up and running in the mid-2030s. Find out more about the campaign to secure high speed rail for Bradford city centre at www.nextstopbradford.com.

Bradford Council has set its budget for 2018-19, after public consultation and a revised recommendation from the Council’s Executive.

Following public consultation, changes were made to the proposals published in December 2017:

£450,000 a year to help meet increasing demand for children’s social care.

Up to £1m support for transition in early help services to children, young people and families if changes are made to those services.

The overall package includes £6.1m of cuts and £10.6m in increased council tax to help close a £47.7m funding gap over the next two years. Another £31m needs to be found in 2019-20 and a forecast £39.2m more cuts will be required in 2020-21.

• Total cuts to council budgets announced since 2011 are now £262m with more to come. Council tax increases have been required to prevent cuts being even greater.
• Council tax will increase by 5.99% including 3% to contribute towards social care costs. The increase is equivalent to a £6.27 a month for the average household.
• Bradford’s council tax is low; if it matched the national average there would be £14m more a year for local services.

Investment allocated in the budget to grow income for local services in ways aligned with the District’s new economic strategy, includes:

• Stimulating house building.
• Stimulating growth in business rates and inward investment.
• Investing in assets that generate income. 

Full details of the Council’s revenue budget can be found in the Revenue Estimates.

 Find out more