Productivity Strategy Delivery Plan
A priority for the Joint Committee is designing the Delivery
Plan for the Productivity Strategy. The
Committee learnt of the investment activity already going on across the area
from the Chief Executive of the Local Enterprise Partnership and which demonstrates
the strengths of working together on a common goal. This activity
will be further developed in the Delivery Plan and is consistent with partnership’s
approach of working flexibly at different levels, scaling up or down as
required by the activity, across boundaries and structures with neighbouring
areas, and focusing on delivery of results. Judging by the summary of recent achievements
below this approach works well.
Recent achievements include:
-
£100m Lloyds Bank
Investment fund to help small businesses take advantage of supply chain
opportunities in the construction of Hinkley Point nuclear power station
-
£62m of Housing
Infrastructure Fund Marginal Viability Funding for new housing schemes
-
£120m Housing
Infrastructure Fund Forward Funding bid which has made it through to next round
-
£82m for the North
Devon Link Road from the Large Local Majors Transport Fund
-
The selection of
the Heart of the South West being selected as one of two areas in the country
to benefit from being designated as a Digital Skills Pilots Area, with the
establishment of the new Digital Skills Partnership
-
Funding of £1.7m
for a Careers Pilot focused on skills in North Devon, Torbay, West Somerset and
Plymouth
-
Our bid with
Cornwall and the Isles of Scilly for an Institute of Technology is through to
the next round
-
£600k of funding
has been awarded for our Growth Hub to deliver business support programmes and
£1m for the South West Energy Hub
-
Shepton Mallet has
been selected as one of four 5G Pilots in the country
-
We are expecting to
hear about the Nuclear Sector Deal in the next few weeks
- Bids from our area
have, or are due to be submitted to the Transforming Cities and Strength in
Places Funds
The Delivery Plan will focus on a series of ‘opportunities’ as the framework
achieving the Joint Committee’s aims. Our ‘transformational
opportunities’ represent the biggest potential to improve productivity in
the high value sectors that are distinctive to our area. These include digital,
advanced engineering and healthy ageing. Large parts of our economy are also
characterised by our ‘bedrock
opportunities’ which include agriculture, food and drink, high value
tourism and defence and it is important that we protect and develop these
sectors.
The Delivery Plan will set out what’s needed to
capitalise on these opportunities to ensure our area makes the best use of our
economic strengths. We also need to focus on the enablers which are vital to underpinning improvements in our
transformational and bedrock sectors.
These include construction, housing, energy and infrastructure. The
Delivery Plan will identify the programmes and investments under these
opportunities that we need across our region to achieve our long term goal – to
double our economy and increase prosperity for all over the next 20 years.
It will also form the basis of a Local Industrial Strategy, a concept
introduced in the Government’s Industrial Strategy published last year.
Developing a Local Industrial Strategy will help us to more clearly define what
is genuinely distinctive about the Heart of the South West area and how we will
play our part in boosting the UK’s economy over the longer term. It will also
help to align our thinking with Government policy and with the national
priorities identified in the Industrial Strategy.
Significant investment and activity is already
underway across all of the opportunities identified above, supported by a mix
of national and local funding. However, our Strategy is about working together
more effectively by making the best use of all our assets and resources across
the public and private sector, as well as making a stronger case to Government
for additional support. Our Delivery Plan therefore needs to set out what we
will do differently as a partnership, as well identifying the specific areas
where Government can help us go further.
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