Issue - meetings

Report of the Deputy Chief Executive (Place)

The Cabinet considered a report of the Deputy Chief Executive (Place) that had been considered at the meeting of the Business, Economy and Enterprise Scrutiny Board (3) on 15^th February 2018 (their minute 36/17 referred) and would be considered at the meeting of the Council on13th March 2018, that proposed the delivery of a new Modern and fit for purpose Economic Growth and Prosperity Strategy to replace the previous jobs strategies. The five-year Strategy set out Coventry’s vision to deliver sustainable and inclusive economic growth to enable residents and businesses to prosper.

Since 2011 Coventry had a Jobs Strategy which set out the Council’s plan and approach to growing the number of jobs and economic opportunities in the City. In order to deliver a modern and fit-for-purpose service for the people of Coventry it was proposed to adopt a more holistic approach and support a new Economic Growth and Prosperity Strategy (EGPS) to replace the previous jobs strategies.

This five-year Strategy set out Coventry’s vision to deliver sustainable and inclusive economic growth which enabled all residents and businesses to prosper. The aspirations of the Strategy were to:

·  Further reduce the gap between Coventry’s productivity and the UK average

·  Empower local people to connect with jobs and develop their skills

·  Reduce the employment gap between disadvantaged groups and the overall population average

·  Support the growth of an innovative economy with a focus on key sectors

·  Ensure social value is incorporated into economic growth

·  Influence local, regional and national policy to maximise opportunity and investment for Coventry

For every £1 invested by the Council, the creation of £40 of additional investment in local economic growth was anticipated.

Set against three strategic themes Business, People and Place, the EGPS would deliver directly against the following priorities of the Council’s Plan:

·  Promoting the growth of a sustainable economy by supporting businesses and helping people into jobs whilst raising the profile of Coventry and physically transforming our city

·  Improving quality of life for Coventry residents by contributing to skills development, social mobility and creating an attractive, cleaner and greener city

·  Delivering our priorities with fewer resources by attracting new funding and opportunities to make the most of our assets.

It would also deliver against the Coventry & Warwickshire Local Enterprise Partnership (CWLEP) Strategic Economic Plan, the West Midlands Combined Authority (WMCA) Strategic Economic Plan and the emerging local industrial strategy.

Coventry ranked 8th best City to live, work and do business in the UK (Good Growth for Cities Index 2017) and had a flourishing national and international reputation. This was evidenced by the fact that in 2016, Coventry received the 7th highest number of Foreign Direct Investment projects of all UK cities outside of London (EY’s Attractiveness Survey UK, May 2017), and the City’s successful bid for 2021 UK City of Culture would further increase its attractiveness to domestic and international investment. The UK Government had selected Coventry as the location for the UK Battery Industrialisation Centre and would provide  ...  view the full minutes text for item 136