Economic Recovery & Renewal Strategy for SELEP Region
The SELEP Economic Recovery and Renewal Strategy aims to drive economic growth and recovery post-COVID-19 and Brexit implications by focusing on strategic opportunities, business resilience, community development, and global connectivity. Key challenges include unemployment, economic inequalities, and technological changes. Priorities include developing a skilled workforce, promoting equality, and fostering innovation. The vision is to establish the South East as a hub for innovation, sustainability, and economic prosperity in the UK.
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Presentation Transcript
SELEP Economic Recovery and Renewal Strategy TES Workshop 2 November 2020
SELEP Recovery & Renewal Strategy Key purpose and principles: The Recovery and Renewal Strategy will focus on how SELEP delivers activities over the next few years, both in response to the economic crisis brought about by the COVID-19 pandemic and potential implications of Brexit implementation. The primary purpose of this document is to set out the distinct strategic economic opportunities that will drive SELEP s economic recovery and renewal and will direct decision making and investments across the area. It will provide clarity on the opportunities and priorities that require investment and support in the short to medium term. However, it will also inform our longer-term vision and strategy for the future SELEP economy. SELEP intend to submit this strategy to government in Spring 2021 and will continue to work with relevant government departments to ensure that we are responsive to emerging national policies, initiatives and investment opportunities.
SELEP Recovery & Renewal Strategy As such the strategy will: be informed by the robust evidence base and significant engagement activities undertaken in preparing the draft SELEP Local Industrial Strategy, as well as by more recent economic intelligence; have a strong focus on the distinct strategic opportunities where SELEP will make a vital contribution to the economic recovery and growth of the wider South, in order to reinforce our region as one of significant economic importance to the UK as a whole; set out how we plan to support the wider recovery, resilience and growth of businesses across our area; assist in the development of a comprehensive project pipeline which can inform investment decisions as further information about LEP resources becomes available; and be supported by specific activities and delivery plans that will be developed as appropriate throughout 2021.
Vision: To create a strong platform for recovery and growth in the South East; bolstering our role as the UK's global gateway, delivering investment to drive innovation, productivity and sustainable growth and powering trade and prosperity throughout the UK Purpose: To set out the distinct strategic economic opportunities that will drive SELEP s economic recovery and renewal and will direct decision making and investments across the SELEP area. Key Challenges: Loss of up to 12bn in 2020 Growing unemployment and inactivity Significant sector impacts Unemployment / lower skill levels Economic inequalities across people and places Impacts of rapid technological change Large scale infrastructure development Ability of businesses to adapt to CV19 & requirements of Brexit Strategic Opportunities 4: Business Resilience & Growth 2: Communities for the Future 3: Coastal Catalyst 1: UK s Global Gateway Priorities To deliver a skilled workforce that drives employment & productivity To support equality to ensure everyone has opportunity to thrive To promote greater resilience in our places and support growth To put clean growth and climate change at the heart of what we do To drive trade and growth in a post CV19 and post Brexit economy To support businesses to start, scale up, adapt and grow To improve digital connectivity and capabilities Deliverables e.g. Single pipeline of projects for capital investment; delivery of GBF projects and other major housing and infrastructure; SELEP funding for SMEs, sectors and skills; enhanced business support; improved digital infrastructure and skills; strengthened local supply chains; investment in towns and high streets; greater emphasis and innovation to support clean growth
For Discussion Thinking about shorter term economic recovery and the medium to longer-term growth: what would be 3 priority areas you would focus on in East Sussex to rebuild and grow the economy? where and in what would you invest to have the biggest medium to long term impacts on the economy? what underpinning principles do you think the LEP/we should collectively adopt to ensure we do build back better?
