Agenda item

Isobel Woods (Head of Economy and Skills) highlighted the following points from the Economic Update Report:

·       The latest round of digital and creative funding had closed, having attracted interest from around the county, it had now progressed to the award stage with funds being allocated to businesses.

·       Performance had been good across the three pillars of the Warwickshire Recovery and Investment Fund (WRIF), including improved traction for the Business Investment and Growth (BIG) Fund.

·       A range of new Business Support packages had been launched following collaboration with district and borough councils on the UK Shared Prosperity Fund (UKSPF). These programmes were launched on the week that commenced 27 November 2023, providing total funding of £2.8m. The aim is to support 500 businesses and create and protect 400 jobs. The programmes were projected to save approximately 12,000 tonnes of greenhouse gas. This was linked to a new inclusive sustainable programme funded by the Department for Energy, Science and Net Zero (DESNZ) in conjunction with the West Midlands Combined Authority (WMCA) enabling better access for businesses to grants and energy audits.

·       The Fair Chance Programme had been launched in September 2023, providing practical advice to businesses on approaches to support workforce inclusivity and diversity. To date, the scheme had identified 27 live vacancies. The Council will continue to work with businesses to promote the service.

·       The Warwickshire Careers Hub launched in September 2023 having been transferred to the Council following the closure of the Coventry and Warwickshire Local Enterprise Partnership (CWLEP). Three advisors support schools and Further Education colleges with career advice.

·       Since its launch in early 2023, the Supported Employment Service had supported 26 individuals into paid work and will continue. 

·       The Future Skills Fund had recently been established to provide dedicated support to businesses in emerging sectors.

·       Investment into the Warwickshire Business Centres is underway with the refurbishment of communal areas for tenants and reception areas to attract new tenants. A recent 10% uplift in rents was noted with expected rental income to be c.£500,000 from the centres.

·       Innovation Launchpad funding had been awarded to both Warwickshire and Coventry to support the provision of immersive and creative technology to generate funds to drive innovation and technological development. The initiative was launched in October 2023 and is set to run until March 2024 (although it is expected that the project would continue to be supported independently for a further two years beyond the original funding).

·       Warwickshire Place and Partnership - partnership discussions have taken place between Warwick District Council and Warwick Town Council to look at a future master plan for Warwick town centre. The Coventry and Warwickshire Foodie Awards 2023 had been held with 60% nominations from Warwickshire covering all areas of the food industry with three Warwickshire winners on the night.

Members discussed the following points:

·       Councillor M Humphreys asked if there were a list of schools the advisors would attend or did schools need to request a visit? Isobel Woods (Head of Economy and Skills) replied that the Hub was launched in September 2023 with three advisers looking at how to outreach across the county. Isobel Woods advised that the question would be investigated, and she would come back with a reply. The Chair requested that the reply be sent to all members. Mark Ryder (Executive Director for Communities) added that being an Academy was not a barrier to accessing this programme.

·       In response to the Chair, Isobel Woods replied that Warwickshire County Council would like to support local businesses across the centres and work with those who identify concerns. However, there is a need to ensure that that there is a balance. Reviews have been underway to bring rents in line with commercial rent rates. The Council is committed to working closely with businesses to ensure they are resilient and sustainable, keeping in mind that it is a public resource that has been provided. Business tenants are also provided support via Business Support advisors and other services.

In response to Councillor Fradgley, Mark Ryder (Executive Director for Communities) reassured members that any businesses who were under pressure due to any of the changes or reviews have been encouraged and welcomed to contact the Council for discussions and there have been some businesses who have already engaged the Council. If any members are approached by businesses who are in difficultly, they should be referred to the Economy & Skills team.

Mark Ryder continued discussing business’ movement at the Hub stating that the Council was seeing a higher proportion of businesses staying longer than originally planned.

Councillor Watson (Portfolio Holder for Economy) added that the business centres had been set up for Small and Medium Enterprises (SME’s) and some rental agreements originally set up were unfavourable for the Council and a poor return on public finances therefore a review needed to be completed, and for some of those there was a higher increase. However, it was important that the centres had turn over as it is fostering development and progression of these businesses.

Councillor Pemberton made comment and requested that officers look at an offer to support both businesses that were wanting to grow and move on in addition to one for those businesses who were stable and content to stay the way they are, with the understanding that the Council is in a unique position to support these businesses and assist the local economy. The Chair agreed and advised that was a point well-made and the Council needs to find a way of accommodating those businesses. Mark Ryder (Executive Director for Communities) also commented stating that the Council needed to do more to recognise the balance that not all businesses are on the same growth trajectory. Much of the support that the Council offers with its programmes is around growth and diversity. The Growth Hub is there to offer support to these businesses.

The Chair added that he welcomed investments to stimulate growth and development of these new centres but would like to remind officers to keep existing buildings maintained.