Agenda item

Report of the Director of Regeneration and Economy

The Cabinet considered a report of the Director of Regeneration and Economy which set out details of the Coventry & Warwickshire Economic Strategy (2024-2034).

Following the closure of Coventry and Warwickshire Local Enterprise Partnership (CWLEP) in 2023, it was agreed by both Coventry City Council and Warwickshire County Council that the economic function of the sub-region remained a key priority.  It was also agreed that the area needed a new economic strategy that aligned with broader national economic policies and enabled local challenges and opportunities to be tackled in a focused and co-ordinated manner.

In 2023, Warwickshire County Council, working with Coventry City Council and other sub-regional economic partners, commissioned SQW (an independent economic development consultancy) to produce the new Economic Strategy for Coventry & Warwickshire. The commission included economic forecasting work to develop a fresh baseline and scenarios to better understand the area’s economic growth potential, and by the creation of the Economic Strategy and Action Plan.

The development of the Strategy has been informed by the evidence base and a consultation process, which featured discussions with the area’s Local Authorities, local business bodies and round tables with a range of local businesses.  Stemming from the evidence base and consultation process, a 10-year vision (2024 – 2034) has been proposed to frame the Coventry & Warwickshire Economic Strategy:

“Coventry & Warwickshire will be recognised for the role of its innovation focused knowledge economy, particularly in nurturing creativity, harnessing digital possibilities and solutions, enabling future mobility, and unlocking the potential of electrification. This will be achieved through major research-intensive businesses and universities/ institutions, but also through the dynamism and effectiveness of a rich but varied innovation ecosystem in which creativity flourishes and new businesses are formed, nurtured and grown. Over the next decade, Coventry & Warwickshire will see economic transformation and growth, through new skills and competencies, and through a process of economic restructuring (especially as established businesses/sectors pivot in response to regulatory and technological change). As a result, the whole area will be known around the world for its economic vibrancy, founded on creativity and innovation. The productivity of the local economy will also have grown. The benefits will be enjoyed by all who live and work in Coventry & Warwickshire, and inequalities between people, communities and places will be much reduced”.

Building on this vision, the Strategy and action plan was based around five themes and outcomes that would facilitate diversification of the economy through innovation (especially key sectors such as Electric Vehicles & Batteries and CreaTech, building on the area’s knowledge base assets), attract new investment, create new job opportunities for local people through increasing the number of high growth, scale up businesses and securing new investment, and realise major strategic infrastructure enhancements and capital projects notably the CW Gigapark Investment Zone site and developments at Ansty and the University of Warwick. The strategy helps to support the work of the Coventry and Warwickshire LVEP which was looking at several strategic objectives around the visitor economy. They were examining areas where efficiencies could be driven and opportunities to showcase the profile of the two local authority areas to attract new visitors, events and conferences, working closely with the West Midlands and Visit England.

The cost of producing this Strategy was met by Warwickshire County Council, with Coventry City Council’s contribution being in-kind only. Although there would be no funding coming in directly as a result of the Strategy, it would create the framework for shaping major business support, sector development and economic growth activities covering the full Coventry & Warwickshire area. It would also give local businesses a voice in shaping major future economic development and business support programmes.

RESOLVED that Cabinet:

1)  Approve the adoption of the Coventry and Warwickshire Economic Strategy (2024-2034)

2)  Delegate authority to the Director of Regeneration & Economy, following consultation with the Director of Law and Governance, the Director of Finance and Resources and the Cabinet Member for Jobs Regeneration and Climate Change, to further amend edit and adapt the Coventry & Warwickshire Economic Strategy in the future in response to subsequent review, opportunity and consultation as required.

3)  Agree for a Round Table to be hosted in partnership with Coventry & Warwickshire Chamber of Commerce and local businesses to identify how to deliver the activities in the Strategy, and to get further detail on the types of support services local businesses will need to realise their growth ambitions.