APPENDIX A Perfectly placed for business: LEP Strategic Economic Plan, Growth Deal update & next steps Neil Hayes 21 October 2014
The LEP • One of 24 initially approved in 2010, 39 now in place • Formal Board approval March 2012 • HCC Accountable body • Small LEP/HCC exec team at BioPark, WGC • Initially dependent on HCC support – now moving towards independent structure
Hertfordshire LEP Board 5 Corporate members 3 Local Authority Members 1 HE/FE 1 Not for Profit 2 SME members
Hertfordshire‟s economy today Hertfordshire‟s economy: • But residence-based earnings (£597 per • 1.1m people week) are much higher • 600,000 jobs than workplace-based • 50,000 businesses ones (£539 per week) • £26bn GVA • Housing increasingly In relation to 38 other LEPs: unaffordable, • 4th “most resilient” particularly for those working locally • 4th best performing in terms of • Hertfordshire‟s “direction GVA per capita of travel” is • 6th best performing in terms of concerning… high level qualifications
GVA per head has grown slowly over the last two decades... Change in GVA per head, 1998-2011, per cent (Source: LEP Economies Report, 2013) London 75% GC-GP 70% 65% 60% Hertfordshire 55% 50% 45% 40% 35% 30%
…despite a superb strategic location at the heart of the Golden Triangle
LEP Vision & Strategy Our Vision: By 2030, Hertfordshire will be the leading economy at the heart of the UK‟s Golden Triangle Our Guiding Principle: Growing smartly as a perfect place for business Priority 1: Priority 2: Priority 3: Nurturing Harnessing our Re-invigorating science-based relationships vibrant towns for the 21 st Century enterprise and with London innovation
How it all fits together 15-20 year Vision Perfectly placed for Business & Strategy: 3- 5 Year delivery plan LEP Strategic Economic Plan EU Single Local Investment Local Funds Strategy Growth HE/FE, Funding schemes Fund LA, LEP £60m Private £200m (TBC) Projects
Global excellence in science, technology & creativity
Growth Areas
Growth Area Forums • These will address economic priorities within functional economic areas e.g. M1/M25 could focus on: – Responding to London‟s Economic Plan – (HS2/Cross Rail) – Developing the Film & Media Sector – Cross boundary town centre regeneration programme • Business-led economic growth agenda, chaired by LA rep on LEP Board • Meets 1-2 times per year with task groups and to progress priorities • Will also be used to update stakeholders on SEP activity • Initial event in each area by March 2015
M1/M25 A1(M) A10/M11 Format/ LEP Role Influence of London economy – National /External Stansted London Plan Food production/security Bi-annual multi stakeholder events challenges/opportunities Crossrail Rural issues affecting the Herts HS2 New town & garden city Crossrail 2 LEP to co-ordinate economy regeneration Cambridge growth plans Bioscience LSCC Cross border potential Gorhambury Gilston /Harlow LA led (housing/employment – east of growth locations Hemel) LEP to facilitate discussions, Town Centre Futures commission studies, lobby for (S. Oxhey, Borehamwood etc ) investment Radlett Rail Freight Depot North Herts Strategic Sites Bishops Stortford Jobs and Homes (key sites Watford Junction Influence of Luton and Luton Greater Brookfield Predominantly LA-led using and infrastructure) Airport Park Plaza existing structures where Welwyn Garden City A10 necessary Hatfield Royston Stevenage LEP to facilitate discussions, A1(M) Ware commission studies, lobby for East Coast Main Line Hertford investment Sector support and skills Environmental Technologies Logistics ? Predominantly Business-led Creative and media Bioscience groupings Financial Services Advanced Manufacturing (Space) LEP to establish (where needed) groups support & bid for funds for activities SLGF and GPF Projects Croxley Rail Link Stevenage Town Centre Little Hadham By Pass (A120) Annual reporting of SLGF and EUSIF projects (to be Watford Health Campus A602 improvements EUSIF funded projects and identified) Watford Business Park Rail Accessibility Improvements determination of new projects South Oxhey Broxbourne Enterprise Centre Elstree Studios Broadband (maybe more of an Hemel Hempstead Town Centre issue due to rural nature) Hemel Hempstead – Maylands Hemel Hempstead – West Herts College Rothamsted Across each Growth Area Route Based Strategies (investment plans) Influencing Network Rail‟s investment plans from 2021 (they start the process in 2015) Forum LTP 4 Vision Business Incubation Skills Inward Investment Tourism Updating Employment Floorspace
Feedback... • SEP document one of the best in the country • Have pushed the growth agenda forward locally • Small number of well developed, prioritised projects • Willing to negotiate & be flexible • Rewarded with: – Annual funding in advance – Potential flexibilities in fund allocation • „Signing ceremony‟ – Sep/Oct/Nov
Funding Local Growth Fund breakdown (£M) Funding for 2015/16 20.9 Funding 2016 – 2021 125.93 Previously committed Local Growth Deal Funding 52.21 Total 199.04 EUSIF (2015-2010) ESF (skills) 30 ERDF (innovation/enterprise) 30 Total 60
2015/16 deal SLGF (£m) 2015/16 Croxley Rail Link 4 A1(M) Growth Area Forum/Stevenage 2 M11/A10 Growth Area Forum 0.2 M1/M25 Growth Area Forum 0.25 Broxbourne Enterprise 1.8 Bioscience Catalyst 3 A1(M) Transport Package 1.3 M11/A10 Transport package 4.68 Daniel Hall, Rothamsted 0.5 West Herts College 3 M1/M25 Transport package 0.17 TOTAL 20.9 Growth Hub (tbc) 0.035 GRAND TOTAL 20.935
Funding per head
Preparing for 2016/17 Deal • Establishing 2016/17 (and onwards) pipeline of projects • Revisiting the lower priority 2015/16 projects • Drafting Growth Deal submission – this would entail: – Call for projects – September 2014 – First draft to Government – November 2014 – Final submission – December 2014 • Less funding available in 2016/17and much quicker timescale than 2015/16
Key Issues to consider • Developing your „project pipeline‟ • What funds are you co-investing? • LEP focus is on delivering Jobs/Homes/GVA • Engaging in the Growth Area Forum • Regular dialogue with the LEP team
Perfectly placed for business: Strategic Economic Plan and Single Local Growth Fund update & next steps Neil Hayes 21 October 2014
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