Issue - meetings

The Economic Strategy offers a new approach combining challenges and actions across six pillars of Good Work, Inclusive Innovation and Creativity, Greener Economy, Resilient Businesses, Housing Affordability and Stronger Places.  The Cabinet is asked to approve the Economic Strategy and to sign off the partnership approach to its implementation and delivery.

Cllr Paul Roper introduced the report, moved the officer recommendation, and made the following statement:

“We have before cabinet an ambitious new Economic Strategy which, with your support, will enable us to strengthen and diversify our local economy over the next ten years. 

I feel privileged to propose the recommendations in this paper.

Despite the harsh funding restraints placed on us by central government, our administration is taking matters into its own hands to develop our local economy and communities by launching this strategy.

With this strategy, our administration is setting out our stall with a far-reaching plan to Build a Fair, Green, Creative and Connected Bath with North East Somerset.

We have worked closely with our key stakeholders over the last 18 months to shape our shared vision for our local area. We are all singing from the same hymn sheet. Together we recognise that we all have a stake in ensuring that our economy and our communities thrive.

The Economic Strategy spans the decade to 2034 and contains six pillars:

·  Creating a Greener Economy that is Net Zero and Nature positive

·  Supporting our residents to access Good Work

·  Establishing B&NES as a centre of Inclusive innovation and creativity

·  Creating Resilient Businesses by building a diverse, creative and sustainable base

·  Addressing Housing Affordability and ensuring residents have access to high quality homes

·  Supporting Stronger Places, building resilience and sharing prosperity more fairly

The strategy further outlines a 10-point Delivery Plan, some of which we are already delivering, for example Bath Quays and the wider Milsom Quarter Masterplan, which will be a flagship for sustainable development.

Why is this strategy so important?

It is the platform from which we can move to a fairer, sustainable and thriving future for our local area.

It forms an integral part of our larger plan. It is the blueprint we need to demonstrate that our vision is robust. The Economic Strategy opens the doors for our local authority to attract the vital funding – both private and public – that is essential to enable us to implement our plans.

There is a time-honoured saying in the business world: failing to plan is planning to fail. Now that we have the strategy and the delivery plan, we can start working on the implementation – bringing it to life.

In our local authority, we are very fortunate to have valuable Council assets like the Roman Baths. We are blessed with two outstanding universities, the Royal United Hospital, a double World Heritage classification, historic market towns, and significant businesses all in a wonderful, unique setting. For the most part, our residents are highly qualified, and unemployment is relatively low.

But not everyone in Bath and North East Somerset is sharing in our overall prosperity.

Economic growth in our area over the last ten years has been sluggish. Wages here are below the national average. Many residents are struggling with rising housing costs.

Inequalities in health and employment are growing, creating a two-tier economy.

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