News: The Sheffield City Region Economic Overview
The Sheffield City Region (SCR) will be the best place to collaborate, to invest, to innovate and grow a business, and live, work, play and study. It will be supported by an unrivalled skills base and quality of life.
That's the vision of the Sheffield City Region Local Enterprise Partnership (LEP) for the future growth and development of the city region and the starting point for the local growth plan.
Last month, the government confirmed a new model of local economic growth in its response to the Heseltine Review. LEPs, a collaboration between businesses and the local authorities that are placed at the heart of growth in the regions, have been charged with putting together local growth plans that will be the basis on which the government negotiates deals with each LEP for new levers, resources, funding and flexibility over them.
In the future, LEPs will then be able to bid into a single pot of funding to support their plans but the size of this Single Local Growth Fund is yet to be announced.
The Economic Overview, which identifies key priorities for economic growth in the SCR, has been out to consultation over recent months and will go before the next LEP Board in April. It refreshes the plans submitted to the government when the LEP was being established in 2010.
The objectives are relatively simple to understand - increase GVA (the value of goods and services produced in the area), increase the number of jobs, rebalance the economy by increasing the numbers employed by the private sector, and capitalise on the quality of life to deliver sustainable growth.
To do this is not so simple and the LEP has begun by highlighting two key priorities. The first is about maximising the potential of key growth sectors such as advanced manufacturing, creative and digital industries, healthcare technologies, logistics and low carbon. It is hoped that theses sectors will deliver the greatest increase in GVA and will be supported by high profile projects such as the developments around the Advanced Manufacturing Park, Robin Hood Airport, Markham Vale and Sheffield's New Retail Quarter.
The second priority is around putting in place the foundations to unlock growth and includes increasing skill levels, infrastructure projects, attracting inward investment and fostering business growth as well as using devolved powers effectively and maintaining and enhancing high quality, distinctive places.
James Newman, chairman of Sheffield City Region Local Enterprise Partnership, said in a recent blog: "There will be a lot more work to do to develop this vision into a clear strategy and business plan for the area, but we are looking forward to working with our partners and to establish the sectors and projects which to focus our efforts.
"Changes to the way local economic decisions are made are gaining substantial momentum and we need to make sure we continue to put ourselves in pole position so that the Sheffield City Region economy can start benefiting as soon as possible.
"The early signs, from conversations I've had with Whitehall, are that government will be looking to be convinced of three criteria before handing down powers or funds. They want to see strong local leadership, an agreed and fair method for prioritising how funds are spent, and a strategy for future economic growth."
Sheffield City Region Local Enterprise Partnership website
That's the vision of the Sheffield City Region Local Enterprise Partnership (LEP) for the future growth and development of the city region and the starting point for the local growth plan.
Last month, the government confirmed a new model of local economic growth in its response to the Heseltine Review. LEPs, a collaboration between businesses and the local authorities that are placed at the heart of growth in the regions, have been charged with putting together local growth plans that will be the basis on which the government negotiates deals with each LEP for new levers, resources, funding and flexibility over them.
In the future, LEPs will then be able to bid into a single pot of funding to support their plans but the size of this Single Local Growth Fund is yet to be announced.
The Economic Overview, which identifies key priorities for economic growth in the SCR, has been out to consultation over recent months and will go before the next LEP Board in April. It refreshes the plans submitted to the government when the LEP was being established in 2010.
The objectives are relatively simple to understand - increase GVA (the value of goods and services produced in the area), increase the number of jobs, rebalance the economy by increasing the numbers employed by the private sector, and capitalise on the quality of life to deliver sustainable growth.
To do this is not so simple and the LEP has begun by highlighting two key priorities. The first is about maximising the potential of key growth sectors such as advanced manufacturing, creative and digital industries, healthcare technologies, logistics and low carbon. It is hoped that theses sectors will deliver the greatest increase in GVA and will be supported by high profile projects such as the developments around the Advanced Manufacturing Park, Robin Hood Airport, Markham Vale and Sheffield's New Retail Quarter.
The second priority is around putting in place the foundations to unlock growth and includes increasing skill levels, infrastructure projects, attracting inward investment and fostering business growth as well as using devolved powers effectively and maintaining and enhancing high quality, distinctive places.
James Newman, chairman of Sheffield City Region Local Enterprise Partnership, said in a recent blog: "There will be a lot more work to do to develop this vision into a clear strategy and business plan for the area, but we are looking forward to working with our partners and to establish the sectors and projects which to focus our efforts.
"Changes to the way local economic decisions are made are gaining substantial momentum and we need to make sure we continue to put ourselves in pole position so that the Sheffield City Region economy can start benefiting as soon as possible.
"The early signs, from conversations I've had with Whitehall, are that government will be looking to be convinced of three criteria before handing down powers or funds. They want to see strong local leadership, an agreed and fair method for prioritising how funds are spent, and a strategy for future economic growth."
Sheffield City Region Local Enterprise Partnership website
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