Hertfordshire Open for business. Hertfordshire. Local Enterprise Partnership

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2 The Board Chair s Introduction Chair: John Gourd, Johnson Matthey is the fifth largest economy outside London. It is home to over one million people and 47,000 businesses. Our economy is worth around 25bn around 2% of the UK economy. Compared to most areas of the UK, is more prosperous and our residents have a better quality of life. We believe we can do more to grow our economy and make a bigger contribution to UK plc. However our economy began to slow down before the global recession. Critically, is now underperforming against competitor areas across the South East in terms of employment growth, GVA growth and levels of inward investment and now requires focused effort to ensure we remain an attractive proposition for private sector investment. I believe contains all of the key components of a globally competitive location, namely: Contents 2 The Board 3 Chair s Introduction 4 Local Enterprise Partnership 5 Strategic Objectives 7 Measuring Success Dan Dark, Warner Bros. Studios Leavesden Martino Picardo, GSK Stevenage Bioscience Catalyst Peter O Gorman, Santander Andrew Percival, VINCI plc Significant employment in future growth sectors Life sciences, Film & media, Advanced manufacturing/ aerospace, Business services (financial & ICT) A highly qualified population Higher than UK average for GCSE to degree level skills A well connected, strategic location Major roads [M25, M1, A1(M)], strategic rail corridors, three international airports nearby Cllr David Lloyd, County Council Cllr Sharon Taylor, Stevenage Borough Council Cllr Tony Jackson, East Herts Council A good quality of life Excellent housing and schools, strong retail offer, green spaces I believe we can build on our assets and this is why I became involved with. I would encourage anyone who shares these aims to contact us and get involved. John Gourd, Chair, SME: Graham Lane, Cheeky Munkey SME: Tim Hutchings, Chamber of Commerce & Industry Not-for-profit: Mark Pegg, Ashridge Business School HE/FE: Quintin McKellar, University of 2 3

3 (LEP) Local enterprise partnerships are a coalition government initiative led by local authorities and businesses across natural economic areas. They provide the vision, knowledge and strategic leadership needed to drive sustainable private sector growth and job creation in their area. The LEP was confirmed in October 2010, one of 24 successful bids announced at the time and one of the few LEPs covering a single geographical area. Its ambition is for to become a world-leading economy; one of the top three in the country outside London. To achieve this, the LEP brings together key partners from business, academia and the public sector to provide the necessary strategic leadership, vision and focus to deliver this aim. The LEP has developed a mission: To accelerate business-led economic growth in Fundamentally it will be the private sector that will create the jobs and businesses that will unlock economic growth in. However the LEP will strive to ensure that EU, central government and local authority investment can be utilised where possible to kick start growth and/or provide some of the infrastructure needed to unlock investment. Strategic Leader The LEP s primary roles are that of: Strategic leader The LEP Board is clear that these roles should focus on where the LEP can add value to the efforts of partners. The LEP, as an independent body, will therefore identify the very high priority actions which are required and collectively use the skills and resources of LEP stakeholders as a catalyst to ensure that these actions take place. The LEP does not intend to be involved in direct delivery as a rule. Strategic Leader The LEP Board is comprised of leaders from the business community and from local authorities with their democratic mandates. This starts with setting out our broad vision for the LEP area and determining the priorities for future actions. A critical component of this leadership will be the need to focus on those priorities the Board believe to be essential. The LEP will only be successful if it can encourage all of its partners to pull together. To do this the LEP (with a strong evidence base) needs to identify and address gaps that are not being met and to coordinate activities to avoid confusion and duplication. The LEP will also act as a key facilitator in creating the relationships and networks that are needed for partnership working to flourish, be it across localities, sectors or organisations. As an investor with funds such as the 16m Growing Places Fund, the LEP is increasingly building a role as an investor in key economic projects on behalf of the Government. The LEP will also be looking to leverage investment from UK and EU sources to match private sector investment where possible. will need to shout loudly and clearly to be heard. The LEP will be a strong voice on behalf of our businesses and communities within Government and the EU and will also be making the case for investment in the economy. Strategic Objectives Our primary goal for the LEP is to promote steady, sustained economic growth over the next two decades. Moreover, we must achieve this growth whilst simultaneously enhancing and protecting the valuable natural assets which make our communities and landscapes attractive and distinctive. When the LEP was established it asked businesses and partners to identify what the LEP should be focusing on. The following four objectives were identified: 1. To encourage enterprise and business growth and building on our innovation assets 2. To maintain and improve the skills and employment prospects of residents 3. To identify and prioritise the strategic infrastructure required for economic growth 4. To secure greater investment from business and government in by improved promotion and advocacy activity The LEP has established four Programme Boards based around the four objectives of the LEP. The membership of these Boards is fluid and based on the specific business talents and skills required to deliver the LEP s priorities. The four Programme Boards are now developing detailed action plans with timescales, targets and success measures. This will be underpinned by the evidence base contained in the Economic Outlook, published in

4 Objective 1 To encourage enterprise and business growth and build on our innovation assets Fundamental to the growth of the economy is a vibrant business base. The LEP will work to ensure that businesses which have the greatest potential to grow and create jobs and wealth are able to do so. This means tailoring public and private sector support to meet the needs of our key growth sectors and locations. Encouraging a climate for businesses to start up and grow by supporting business incubation facilities across Growth of existing businesses via improved signposting to finance and international trade opportunities Tailored support for key growth sectors, film & media, life sciences, advanced manufacturing and business services/ict Encouraging greater innovation through networking and securing R&D investment Objective 4 To secure greater investment from business and government in by improved promotion and advocacy activity is home to globally recognised brands such as Tesco, GlaxoSmithKline and Warner Bros. However, the LEP recognises that needs to raise its profile in order to compete internationally and secure investment. This will involve the business community playing a key role as advocates for as a place to live and work. Establishing a business-led inward investment service Securing greater funding from UK and EU Government Working with neighbouring economies to raise s profile internationally e.g. Golden Research Triangle Reviewing the current tourism offer These objectives are not set in stone. The LEP needs to continue to listen and shape its direction accordingly. We continue to work with existing partnerships and emerging partnerships such as the Business Forum to ensure that what we do is based on the needs of the economy. Objective 2 To maintain and improve the skills and employment prospects of residents The LEP will play an influential role with businesses, colleges, universities and private providers to improve the skills of the existing workforce and those of young people entering the workforce. In particular, the LEP will wish to ensure better matching of skills to business needs now and in the future as new technologies develop. Fundamentally it will be the private sector that will create the jobs and businesses that will unlock economic growth in. However the LEP will strive to ensure that EU, central government and local authority investment can be utilised where possible to kick start growth and/or provide some of the infrastructure needed to unlock investment. Establishing more employer led skills provision Developing a Apprenticeship strategy Tackling youth unemployment Encouraging more flexible working practices amongst employers So what will success look like? Over 2012/13 we will be developing some long term targets for the economy which will include: Objective 3 To identify and prioritise the strategic infrastructure required for economic growth The LEP will focus on working with national and local government and the private sector to take the necessary actions and make investments required to improve our competitive advantage. We will also wish to pilot new financing models to build the key infrastructure improvements needed. Kick starting stalled infrastructure schemes via the Growing Places Fund Accelerating superfast broadband roll out across the county Supporting key transport investment priorities Developing an infrastructure plan 6 Measuring Success More businesses and jobs in the county Increased private sector investment in the economy Increasing s share of foreign direct investment in the UK The complete regeneration of our urban centres, particularly Watford, Hemel Hempstead and Stevenage Our productivity (GVA per head) will continue to be higher than the South East as a whole Unemployment will be well below the average across the South East and youth unemployment to be proportionately lower All parts of will be served by superfast (100 mbps or greater) broadband networks Greater public and private investment in strategic infrastructure 7

5 Enterprise & Innovation Centre BioPark Broadwater Road Welwyn Garden City AL7 3AX e: t