Agenda item

1) Report of the Deputy Chief Executive (Place)

2) Briefing Note of the Deputy Chief Executive (Place)

The Business, Economy and Enterprise Scrutiny Board (3) considered a report and briefing note of the Deputy Chief Executive (Place), that would also be considered by the Cabinet at their meeting on 6th March 2018 and Council at their meeting on 13th March 2018, that presented the Council’s Economic Growth and Prosperity Strategy 2018-2022.

Since 2011 Coventry had a Jobs Strategy that 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 that a more holistic approach be adopted with a new Economic Growth and Prosperity Strategy (EGPS) to replace the previous jobs strategies. The new five-year Strategy set out Coventry’s vision to deliver sustainable and inclusive economic growth which would enable all residents and businesses to prosper. Set against three strategic themes: Business; People; and Place, the EGPS would also deliver directly against priorities of the Council’s Plan. 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 was 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. The City’s successful bid for 2021 UK City of Culture would further increase its attractiveness to domestic and international investment. In addition, the UK Government had selected Coventry as the location for the National Battery Manufacturing Facility and would provide £80m of funding into the Facility, further enhancing the area’s competitive advantage in automotive manufacturing and the creation of up to 10,000 new high quality jobs. 

The briefing note set out details of the financing of the EGPS, which sought to build on existing core Council funding to secure external resources from a variety of sources. For every £1 invested by the Council, it was anticipated that £40 of additional investment in local economic growth would be created. The Economic Development and Employment teams had secured EU and other funding for a range of projects which would continue into the start of the EGPS period. Bids for new funding had been secured or were in progress, providing funding for successor projects to finance the remainder of the EGPS. Regardless of the outcome of Brexit, the final rounds of EU funding for the UK had been agreed and were in the process of being allocated.

The Employment Team was submitting bids to the European Social Fund for Programmes from 2018-2022, providing services to employers and employment support and skills development for local people, including the most disadvantaged.

Coventry City Council would continue to lobby central Government regarding the Shared Prosperity Fund – the proposed successor to EU funding. They would also continue to build relationships with stakeholders and central Government in order to secure funding from a variety of other sources. The region had already shown success in winning the Faraday Challenge bid to secure £80m for the UK Battery Industrialisation Centre. Working with the West Midlands Combined Authority would be key to maximising opportunities through devolution.

Members noted that the Economic Growth and Prosperity Strategy was an overview Strategy and not specifically detailed. More details action plans would follow with detail on how the specifics would be delivered.

Members welcomed the strategy and made the following observations and comments:

·  The EGPS is based around aspirations with high level targets.

·  The EGPS is designed to be a strategic overview document that will be underpinned with activity and action plans and link to other Strategies, particularly the Cultural Strategy and plans for City of Culture 2012. The target indicators will be regularly monitored and adjusted if needed.

·  The City of Culture bid is recognised in the Business section regarding investment but could also be incorporated at the start of the People section about Coventry being a great place to live and work

·  The Scrutiny Board raised the importance of the Strategy bringing in investment and an increase in business rates.

·  The connection between procurement and Social Value was discussed and opportunities will continue to be explored with anchor institutions.

RESOLVED that the Business, Economy and Enterprise Scrutiny Board (3):

1)  Supported the recommendations set out in the report to Cabinet and Council.

2)  Agreed that the following be recommended to Cabinet:

a) The importance of the cultural and leisure offer of the city should be emphasised in the strategy and given more prominence.

b) The clustering ambitions of the region should be elaborated upon in the business section text.

c) The connection between transport infrastructure and connecting people with jobs should be made more explicit in the text under place.

d) The place box on “shaping the future of automotive” should be updated to reflect the recent success in securing £80m for the uk battery industrialisation centre update through the faraday challenge.

e) an addition be made to the place target:

a.  130,000m of new commercial and skills space provided and occupied

 3)  Agreed to receive regular progress reports throughout the lifetime of the Economic Growth and Prosperity Strategy 2018-2022.