Presentation on theme: "Student Project with Boosting Furness Group Lancaster University Management School MSc in Management /Project Management Pathway Presented by Lu Liu and."— Presentation transcript:
Student Project with Boosting Furness Group Lancaster University Management School MSc in Management /Project Management Pathway Presented by Lu Liu and Shuting Xia 6 th Aug, 2013
Agenda Introduction to UK Enterprise Zone Compare Cumbria bid with Successful bids Barrow SWOT analysis Organisations, Economic Development Strategies and Roles for Furness Opportunities for Furness Recommendations for Future Development Feedback Questions
Enterprise Zone Facts Controversies of 1980s wave of Enterprise Zones The New Generation of Enterprise Zones Benefits of being a designated Enterprise Zone Government Assessment Criteria Present Enterprise Zones August 2013
Cumbria vs. Great Yarmouth Lowestoft Comparison Points
Cumbria vs. Great Yarmouth Lowestoft CumbriaLowestoft Location and Area82 Hec121.7 Hec Sector FocusCivil nuclear, low carbon & offshore renewable Offshore renewable & civil nuclear LEPCumbria LEPNew Anglia LEP for Norfolk and Suffolk Business and Job Creation 2015: 114 business & 2000 jobs Long term: 800 indirect jobs 2015: 80 business & 1380 jobs Long term: 4500 indirect jobs GVA1.1 per cent0.14 per cent ExpenditureNo total number in the long term Over £50billion for 10 years Energy Portfolio Development Oil, gas and nuclear
Barrow SWOT Analysis (focusing on EZ) SW OT Industrial development Infrastructure improvement transportation improvement Geographic location Brain drain of young generation Gap of wealth Not in Energy Coast Lack of funding and investment Clarify roles of agencies build a common vision Largest wind farm Planning consent Hovercraft link Advanced Engineering capacity Other competitors Government agenda Cooperation among parties Business moving out
Organisations, Strategies, Roles Jonathan Lee: Industrial development as key driver Phil Huck: Target big contractor to build localised supply chain Stuart Klosinski: Diversify economy and create job for less skilled workforce John Woodcock: Build advanced manufacturing and strengthen connection Derek Armstrong: Provide network through Growth Hub
Opportunities for Barrow and Furness Localised Supply Chain Promote Visitor Economy by Quality Services and Attraction Marina Village (long term) Education Upgrade
Recommendations 1. Map out a responsibility matrix including all the organisations that can help Barrow’s overall development The matrix can be divided into different level of organisations from central government, county level organisations and local level organisation that will influence Barrow. The map can be displayed in the local council official website to help people identify the right source of help that they can seek from.
Recommendations 2. Build an economic vision for Barrow and Furness John Woodcock MP economic vision for Furness – “A cradle for advanced manufacturing” is a live document with all the partners working together with the Cumbria LEP. Meetings need to be regular to ensure actions are completed and the priorities align with the policies of the Government, Cumbria LEP, CCC, and BBC.
Recommendations 3.Identify infrastructure improvements to ensure they are detailed in the relevant capital plans Electrification of the railways is a good example of this, should include innovative forms of transport like the Hovercraft link and major capital projects like an improved road link or bridge across to Millom connecting to the Energy coast from Barrow, These will all reduce the isolation of Barrow.
Recommendations 4.Build a more proactive network involving particularly local small and medium sized companies Referring to the idea of Cumbria Chamber of Commerce Business Growth Hub, we can build a network locally to involve small and medium sized companies. By offering them a network opportunity, knowing their business demands and resources needed, there is a potential to develop a diversified economy for Barrow and reduce the risks in relying too much on government orders on submarine building.
Recommendations 5.Have a transparent Government public process and disclosure of essential information We suggest government should disclose essential information. From the standpoint of local businesses, it is important to know about the support and resources they can get from government or other organisations (such as Furness Enterprise).
Recommendations 6.Broadcast nationally the incentives for Companies to relocate or expand in Furness Land prices are relatively affordable with a lower cost of living, committed labor force with high-speed broadband planned in the near future. There are start up incentives where Furness Enterprise are funded to offer advise through the Coastal communities fund.
Recommendations 7.Develop a National and Global Brand for Barrow and Furness Promote a global strategy for Barrow and Furness as a good location for business in the global economy. There are a number of international companies already based in Furness.
Recommendations 8. Have a Strategic Planning Fund for Furness. Barrow Borough Council needs to identify where financial support for strategic planning is required and how partners like Furness Enterprise can support funding applications with data and resources. The LEP board needs to be aware and supportive of the needs for a strategic planning fund so that Barrow is able to make successful funding applications and detail the strategic needs of Furness to the government.
Recommendations 9. Barrow as a Hub for R&D and Innovation Barrow has for innovation from Ships, airship, submarines and the energy sector as a Centre for R &D and innovation. Favorable tax environment for R&D and innovation. Tax advantages for R&D include capital, revenue and personnel costs, supply chain companies are working already with the major companies and universities to research and develop innovative solutions. E.g. The present innovation hub between the Morecambe Bay Hospital Trust (MBHT), the Chamber of Commerce, Boosting Furness group and Furness Enterprise with local SME's.
Recommendations 10. DIY Enterprise Zone There are opportunities for Barrow to be a DIY Enterprise Zone since Barrow has great potential and some incentives such as cheap land. But Barrow still needs to resolve the funding problem in order to offer companies more. Further information on DIY Enterprise Zones can be obtained from Stuart Meiklejohn Ref F Department of communities and local government.
Discussion on Recommendations 1.Map out a responsibility matrix including organisations for Barrow’s development 2. Build an economic vision for Barrow and Furness 3.Identify infrastructure improvements and detail them in relevant capital plans 4.Build a more proactive network involving particularly local SMEs 5.Have a transparent Government public process and disclosure of essential information 6.Broadcast nationally the incentives for Companies to relocate or expand in Furness 7.Develop a National and Global Brand for Barrow and Furness. 8. Have a Strategic Planning Fund for Furness. 9. Barrow as a Hub for R&D and Innovation 10. DIY Enterprise Zone Share your views with us. Thank you!