Where have we got to Strategic Economic Plan (SEP) - An over-arching strategic economic plan, setting out our ambition and priorities for growth as required by Govt Growth Deal - Local Growth Fund competitive bid to Govt plus asks for “freedoms and flexibilities” EU SIF – submitted and responding to formal feedback from Govt Plymouth and Peninsular City Deal approved and benefitting Somerset
The SEP’s Core Aims for Growth Creating the conditions for growth Maximising employment opportunities Building on distinctiveness Environmental sustainability Inclusion
Our BIG opportunities Marine / City Deal Hinkley legacy Exeter Smart Jobs Aerospace Rail, Road and Digital Connectivity Skills Infrastructure Dependent on
Growth deal position LEP’s transport, digital, skills and enterprise support infrastructure requires investment on a transformational scale to enable growth. LEP local growth fund “asks” and wider requests of Government focus on the “big” opportunities and barriers. Negotiations with Govt ongoing. Deal likely to be taking shape by end of June and announced by summer recess. Government “asks” of LEPs and their local authorities likely to be part of the Deal.
Local transport improvements, FE College capital developments and broadband/mobile connectivity improvements in Somerset potentially to be funded by LGF LEP’s wider growth deal asks include Somerset infrastructure priorities including A303 improvements Government focus on nuclear and flood response being key parts of the Deal Growth Deal – Somerset headlines
Support for business Growth Hub Vouchers for rural businesses Grants for job creation Access to Finance aid Business Engagement Service Clear signposting Export advice
More jobs, better jobs, greater prosperity heartofswlep.co.uk
By 2030: Transformed growth rate from below the national average to above Doubling the number of new jobs and 50% more houses Approaching £50bn of GVA Transport / skills infrastructure fit for the 21 century Our urban and rural economies strong and working together