COASTAL COMMUNITIES ECONOMIC PROSPECTUS INITIAL CONCLUSIONS - ABSTRACT PRESENTATION SEPTEMBER 2019
Overview The purpose of the Economic Prospectus is: • To review the current economic performance of Coastal Communities and it’s relative performance against the SELEP area • To identify strategic action that will close the gap between the coast’s economic performance and the wider region • Inform the SELP Local Industrial Strategy, HM Government and Private Sector Investors The prospectus will: • Identify how the Coast can reduce the current gap in economic performance with the SELEP region • Identify approaches to increase productivity and reduce poverty • Identify opportunities that the Coastal Communities can deliver e.g. Energy and Creative • Provide an evidence base and ideas to inform the SELEP LIS
Project Phase 1 – Evidence gathering and Review – June 2019 Our ambition: Phase 2 – Stakeholder engagement – July/August 2019 To improve the economic performance of the Phase 3 – Prospectus drafting – September 2019 coast absolutely and in comparison with the Phase 4 – Presentation to Federated Boards – October/November 2019 wider SELEP region. Final Phase – Presentation to SELEP Board – December 2019 To ensure our residents benefit from Current emphasis: inclusive regeneration. • Conclude Stakeholder engagement • Prospectus drafting To work with SELEP/Government to make o Identify the main challenges policy/programmes “coast friendly”. o Scope the big opportunities o Provide a programme of coastal activity o Link to the Local Industrial Strategy To attract/retain business and Government interest in supporting growth in economic productivity
Emerging findings to date The Coastal Communities all have different dynamics, but collectively have: Home to over 2m people • A population ageing faster than the UK average Population growing • Poor economic performance, based on GVA measures Future growth forecast 7.5% 2018-28 • Productivity – 8% behind the SELEP average and 10.9% behind nationally Contributes £85bn+ to UK Plc • High levels of deprivation measured by the Index of Multiple Deprivation • Generally poor connection to major economic centres Home to 72,000+ VAT businesses • Lower than regional average performance for education and skills levels Employs 800,000+ people • Higher incidence of poor health on key indicators Match predicted UK growth rate 2018-28: • High levels of private sector rented housing often in bad condition • Coastal community surge • • Difficulties in attracting inward investment Grow economy to £100.3bn pa • Create 112,000 extra jobs • Benefitted from investment in culture and tourism with a positive impact
Opportunities to raise productivity The Coastal Communities all have different dynamics, but In recent times, many coastal towns have begun a collectively have real opportunity to: resurgence. Coastal living has become more popular as the nature of • Address current housing conditions and deliver large scale regeneration work changes. With people seeking a better work-life balance and greater numbers retiring into the communities, the • Improve connectivity to key economic centres and the regional economy untapped opportunities of coastal locations are more apparent. • Build on the success of the Creative and Digital sector Their environmental value, historic urban environment, strong • Develop the role of Culture to date, and into the future creative sectors and relaxed atmosphere have made them an attractive place to live and work for many. • Provide conditions to create a high level Tourism offer SELEP has also recognised the Coastal Communities as • Generate Energy sector growth using natural resources potential “crown jewels”. • Support and grow the Maritime Sector Their potential to act as economic catalysts for the wider area is clearly apparent. • Raise skills, wage levels and GVA The Coast has significant economic opportunities that it requires help in delivering. These will drive improved economic growth and productivity into the future.
People • Background: • Our people are our greatest asset and responsibility – we can grow our economy by helping those who will benefit from support • Challenges: • Some deprivation, associated health issues, mixed wage/skills levels, mixed/low quality housing, limited mobility, ageing population • Opportunities: • Regenerate relevant housing stock, raise education/skills levels, help develop business/employment • Housing - retrofit where needed, redevelop where possible, change use as appropriate, attract investors • Education/skills - support young people to continue education/raise skills levels to give business an enhanced workforce • Unemployment - address issues associated with intergenerational trends in order to change future patterns • Age - give youth new opportunities, encourage older population to re-engage in work and also to support young people • Attract/retain entrepreneurs/executives who will encourage/stimulate business led employment/investment • Regional / national relevance: • Increased economic productivity • Reduced reliance on public sector benefits/health/housing will lead to reduced costs • We need: • LEP/HMG support for a programme that delivers action on Housing, Health and Education via both Capital and Revenue funds and; • Stimulates private sector investor interest who will develop business and property
Place • Background: • The Coast has benefitted from investment in recent years – changing circumstances/new opportunities require further support • Challenges: • Low land values impact private sector risk appetite - due to lack of financial viability/profitability many schemes do not progress • Market failure stops private sector led schemes from being delivered when financial viability impacts developers - thwarts development • Address the Climate Change Emergency, improve connectivity to key economic centres and secure further investment in place • Opportunities: • Develop, protect and maintain our environment to maximise the benefits of our natural capital • Proactively address climate change issues • Develop a greener, cleaner even more responsible approach to energy generation and use, harnessing natural resource • Lead work to shape a coordinated place shaping strategy with an appropriate timeframe to leverage investment • Develop a Place Shaping Board to lead access to the UK Shared Prosperity Fund • Explore Coastal Action Zone status / pilot zone designation • Regional / national relevance: • Attracting / retaining a skilled workforce, business community is contingent on addressing place issues • If we can create a coastal community surge, we can grow the local economy to £100.3bn pa and create 112,000 extra jobs • We need: • Reintroduction of discounted Public Works Loan borrowing rates for capital investments • UK Shared Prosperity Funding that recognises coastal challenges including lower rates of return, and including restarting currently stalled projects
Infrastructure • Background: • Ensuring connectivity to UK / international growth driver locations is key to growing employment/coastal productivity • Challenges: • Employment and trade opportunities don’t create themselves - they require resource/people – so we must attract both • Opportunities: • Development of the Lower Thames crossing / HS1 and similar schemes will connect communities and encourage labour movement • Communications / technology advances need embracing to support changing working patterns and encourage in-migration • Post Brexit issues will dominate the near future – the Coastal communities have a critical role to play as opportunities emerge • Housing stock blend can be amended to increase social housing provision and support labour movement • Regional / national relevance: • Growth in our coastal economy will directly benefit SELEP and the UK • We need: • Government to accept the House of Lords recommendation for Coastal Action Zones, including potential SELEP pilot Zones • Continuation of the Coastal Communities Fund with higher allocation on a strategic basis and a less competitive process
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